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Fuel, not shelter, is driving inflation now

Canada CPI, year-over-year % change, 2019–Sept 2026

Unit: % year over year
Compare series or markets · 3 selected
Fuel, not shelter, is driving inflation nowHeadline CPI rose 3.1% in September with gasoline up 27.8%; shelter rose just 1.8%. Unit: % year over year. Unadjusted index levels; y/y change calculated. Use left and right arrow keys to inspect observations. The data table follows the chart.Fuel, not shelter, is driving inflation nowAll-items CPIGasolineShelter% year over year-40%-20%0%20%40%60%Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Sep 2026Homies Research, using Statistics Canada CPI (table 18-10-0004) · Through 2026-09Unadjusted index levels; y/y change calculatedHOMIES RESEARCH
Sep 2026All-items CPI 3.09%Gasoline 27.8%Shelter 1.75%

Headline CPI rose 3.1% in September with gasoline up 27.8%; shelter rose just 1.8%.

Source: Homies Research, using Statistics Canada CPI (table 18-10-0004). Reference: 2026-09. Released 2026-10-19. Retrieved 2026-10-27.

Unadjusted index levels; y/y change calculated · Gasoline is volatile; the Bank's core measures (trim/median) were much lower.

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View accessible data table · 3 series, 61 observations

Showing the latest 12 observations.

Fuel, not shelter, is driving inflation now. Unit: % year over year. Unadjusted index levels; y/y change calculated
PeriodAll-items CPIGasolineShelter
Oct 20252.16%-9.36%2.49%
Nov 20252.22%-7.77%2.32%
Dec 20252.36%-13.8%2.1%
Jan 20262.29%-16.7%1.72%
Feb 20261.78%-14.2%1.5%
Mar 20262.39%5.92%1.66%
Apr 20262.82%28.6%1.77%
May 20263.23%33.2%1.71%
Jun 20262.8%20.5%1.55%
Jul 20263.03%25.7%1.28%
Aug 20263.03%22.8%1.54%
Sep 20263.09%27.8%1.75%

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