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Canada’s Inflation Cools to 2.2% in October Amid Cheaper Gas and Groceries

  Motorists fuel up at an ONroute gas station near Maple, Ont., on April 1, 2025. Lower gas prices helped bring overall inflation down in October, Statistics Canada says. Canada’s annual inflation rate eased to 2.2% in October , down from 2.4% in September. The slowdown was largely driven by falling gasoline and grocery prices, offering some relief to consumers after months of persistent cost pressures. Key Drivers of the Decline Gasoline prices dropped 4.8% month-over-month , as retailers switched to cheaper winter fuel blends and global crude oil prices fell due to oversupply concerns. Grocery prices fell 0.6% in October , marking the largest monthly decline since September 2020. Annual grocery inflation cooled to 3.4% , down from 4% in September, with lower costs for processed foods and fresh vegetables offsetting higher prices for chicken. Excluding gasoline, the Consumer Price Index (CPI) rose 2.6% year-over-year , showing that underlying inflationary pressures remain....
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Stock Market Today: US Futures Hold Steady as Inflation Test Looms

                                    

US stocks held steady on Wednesday, eyeing fresh record highs ahead of a crucial update on consumer prices that could upend rate-cut hopes and as meme stocks regrouped after a roaring rally. Investors are closely watching inflation data to gauge its impact on interest rates and overall market sentiment. Here are the details:

  • Wholesale Prices Surge: New data showed that wholesale prices increased 0.5% month-over-month in April, surpassing the 0.3% consensus expectation. The Producer Price Index, which measures prices producers receive for goods produced, revealed this unexpected rise. Additionally, March’s monthly price increase was revised lower to a decrease of 0.1% from an initial reading of a 0.2% increase.
  • Meme Stocks Roar Back: Retail investors flocked to meme stocks, with AMC shares surging over 120% and GameStop popping about 100% for a second consecutive day. The return of an influential social media star reignited interest in these volatile stocks.
  • Federal Reserve’s Stance: A chorus of Federal Reserve officials has emphasized that they won’t lower rates until they’re confident of a cooling economy. Investors eagerly await comments from Fed Chair Jerome Powell to gauge progress on the inflation mission and assess how the US economy is holding up.
  • Optimism and Caution: Stocks have paused their recent rally as investors weigh whether inflation has become less sticky and started to fall, potentially setting the stage for interest rate cuts. The market remains cautiously optimistic about the economy’s trajectory.
  • Alibaba’s Earnings Report: Chinese e-commerce giant Alibaba reported a worse-than-expected 86% drop in profit but beat Wall Street estimates for revenue. Despite this, Alibaba shares fell around 6% following the earnings release.

As the Consumer Price Index data looms, investors are closely monitoring inflation trends. The stock market’s resilience amid uncertainty reflects both optimism and caution. Stay tuned for further updates as the economic landscape continues to evolve.


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