The coordinated rate of inflation held steady at 8.4% in September in October. Lower price pressures on housing and utilities, as well as on transportation, offset higher prices for food and non-alcoholic beverages.
The trend has pointed upward, with the harmonized average annual inflation coming in at 6.2% in October (September: 5.8%). Meanwhile, consumer price inflation rose to 8.3% in October from 8.1% in the previous month.
Finally, harmonized consumer prices increased by 0.82% in October from the previous month, accelerating from September’s rise of 0.72%. The small increase in October was the largest increase in prices since May.
FocusEconomics Consensus forecast committee members see the harmonized inflation rate averaging 4.0% in 2023, up 0.3 percentage points from the previous month’s forecast, and 1.7% in 2024.