Canada's annual inflation rate slowed slightly but exceeded forecasts in September, while underlying price pressures proved sticky, official data showed on Wednesday, amping up calls for the central bank to go bigger at its rate decision next week.
Canadian inflation edged down to 6.9% in September, a notch ahead of forecasts of 6.8% and down from 7.0% in August. Excluding food and energy, prices rose 5.4% from 5.3% in August.
"We are not seeing much evidence that inflation at the margin is cooling down," said Derek Holt, vice president of capital market economics at Scotiabank, noting the strength of underlying price pressures.Gasoline prices dropped 7.4% in September, while consumers paid 11.4% more for their groceries, the largest gain since August 1981.
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