Coordinated inflation came in at 12.5% in October, up from 9.4% in September. The October reading marked the highest inflation rate since our current records began. The acceleration was primarily driven by higher prices for food and non-alcoholic beverages. In addition, price pressures on housing and utilities have grown at a faster rate.
Harmonized annual average inflation rose to 7.3% in October (September: 6.6%). Meanwhile, consumer price inflation rose to 11.8% in October from 8.9% in September.
Finally, harmonized consumer prices rose 3.77% MoM in October, up from September’s 1.62% rise.
FocusEconomics panelists expect the harmonized rate of inflation to come in at 5.4% in 2023, unchanged from the previous month’s forecast. For 2024, committee members expect the harmonized inflation rate to average 2.0%.