Inflation fell to 17.6% in October from 18.7% in September. The October result represented the lowest inflation rate since July. Reading was driven by pressures on housing prices, water, electricity, gas and other fuels, and moderate transportation.
Average annual inflation rose to 13.8% in October (September: 12.8%). Meanwhile, the harmonized inflation rate fell to 14.8% in October from 15.6% in September.
Finally, consumer prices increased by 0.87% in October compared to the previous month, which was lower than the 1.23% increase recorded in September. The October result marks the weakest rise in prices since September 2021.
FocusEconomics panelists expect inflation to average 8.5% in 2023, unchanged from last month’s forecast, and 3.9% in 2024.