The consumer price index—a compilation of hundreds of goods and services—increased 2.2 per cent from October 2024, slower than September’s 2.4 per cent gain as gasoline prices fell at a faster rate. The gauges that the Bank of Canada watches to get a better sense of the trend were little changed, hovering at around three per cent. (The Logic)

Talking point: Slower inflation will do little to calm the fear and loathing over the higher cost of living. High visibility items such as grocery prices (up 3.4 per cent on the year), cellular services (up 7.7 per cent, ending a period of declining prices that lasted for more than two years) and home insurance (up 6.8 per cent) exceeded the headline number. The index also is being affected by last year’s holiday on some sales taxes and the cancellation of the consumer carbon tax, both of which affect year-over-year comparisons. Bottom line: Inflation is contained, but it wouldn’t take much to reignite it. That’s why Bank of Canada governor Tiff Macklem said last month that it would be unwise to drop interest rates any lower.