The consumer price index (CPI) increased 2.4 per cent from September 2024, a significant change from 1.9 per cent in August. Statistics Canada said the jump was primarily driven by gasoline and food. (The Logic)

Talking point: Headline inflation doesn’t typically move this much in one month—the consensus of Bay Street forecasters was 2.2 per cent, closer to the Bank of Canada’s target of two per cent. The updated numbers will give central bankers pause, but probably won’t pre-empt a second consecutive interest-rate cut next week. Faster inflation is partly technical; gasoline prices fell less in September than in August, pushing the aggregate number higher. The central bank reckoned underlying inflation was around 2.5 per cent, so officials might have been ready for a shift. Core measures that filter out volatile prices were little changed, suggesting weaker growth remains the bigger threat, at least for now.