Canadian inflation slows to 2.2 percent in September

Canadian dollars fall in

Excluding motor vehicle and parts dealers, overall Canadian retail sales slipped 0.4 per cent, Statistics Canada said.

"Inflation has been volatile over the past few months, but the signal beneath the noise is an underlying rate close to the Bank of Canada's 2.0 per cent target", he said in a note to investors.

In its most recent forecasts released in July, the central bank estimated inflation would average 2.5% in the third quarter - which ends in September - before returning back to near the 2% target by 2019.

Statscan's data showed that gasoline prices increased by 12.0 percent over September 2017, down from the 19.9 percent year-over-year jump in August.

Gas price growth fell to 12 percent year-on-year from August's 20 percent, but the biggest move was air transportation, which went to 7.4 percent from 26.4 percent.

The nation's retailers have seen no growth in sales since the gauge hit a 2018-high in May, a summer pause that is consistent a broader trend of slowing consumer spending this year as households cope with higher borrowing costs.

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Air transportation costs, which jumped 16% in July, plunged 17% in September.

Slower headline inflation and easing core numbers will reassure policy makers the recent spike in gasoline prices and other products like air transportation is transitory. Hotel rates were also down 5.2 per cent compared with a year ago. Traveler accommodation service prices were down 6.2 percent last month.

"All of these soft sectors combined to clip core inflation as well, although the easing there was much less dramatic than in the headline tally", Porter said.

Sales at gasoline stations were down 2.0 percent, while clothing and clothing accessories stores fell 1.2 percent.

Retail sales in volume terms were down 0.3 percent.

Motor vehicle and parts dealers experienced a gain of 0.8 per cent in August - the first time in three months - because of higher sales at new auto dealers and at automotive parts, accessories, and tire stores to a lesser extent.

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