Canada’s annual inflation rate for September 2026 was reported at 3.1%, according to data released at 12:30 GMT on 19 October 2026. The figure came in below the market forecast of 3.2%, though it was higher than the previous period’s reading of 3.0%.
The inflation rate measures how much the prices of a broad basket of goods and services have risen over a year. A reading of 3.1% means that, on average, prices in the basket were 3.1% higher than a year earlier. Because the figure is compared with the previous period, the rise from 3.0% to 3.1% indicates that the rate of price growth picked up slightly.
Comparison with forecast and previous reading
Against expectations, the outcome was modestly lower than economists had anticipated. The gap between the reported 3.1% and the 3.2% forecast is one-tenth of a percentage point. Against the previous period, however, the reading moved up by the same amount, from 3.0% to 3.1%.
The two comparisons therefore point in different directions: the print was below forecast but above the level of the previous period.
Monthly statistics also show that the US annual inflation rate stood at 3.7% for its September 2026 reading, which was near its 31-day high. That figure refers to the United States and to the same reference month, and it was not part of the Canadian release.
Related: US Inflation Rate Hits 3.7% in September · Indonesia inflation hits 3.28% as BI holds rate at 5.75%
Data: FRED — St. Louis Fed
