RBC Sees Canada September CPI Holding at 3% on Energy

RBC strategists Claire Fan and Abbey Xu expect Canada’s headline Consumer Price Index to remain at 3% year-over-year in September. The team frames the outlook as energy-driven resilience with limited pass-through into core prices.

Higher gasoline and furnace oil costs are the main factors supporting the headline reading, according to the note. The strategists see little of that strength spilling over into core inflation, keeping underlying price pressures more contained.

Their call suggests headline inflation holds steady, while core pressures stay limited and the energy contribution remains the key swing factor.