Bank of Canada Oct. 28 Decision: What September's 3.1% Inflation Means for Windsor-Essex Mortgages
Statistics Canada released September inflation this morning, and it landed right where it makes the Bank of Canada's October 28 decision interesting — but not, for most Windsor-Essex homeowners, alarming. Here is what the number actually says, and what it means if you have a mortgage, a renewal coming up, or a move planned in LaSalle, Windsor or Amherstburg this fall. What September's Numbers Actually Showed The Consumer Price Index rose 3.1 per cent year over year in September, up slightly from 3.0 per cent in August and just above the top of the Bank of Canada's 1 to 3 per cent control range. It also came in a touch softer than the 3.2 per cent economists had expected. The headline, though, is mostly a gasoline story. Gas prices were up 27.8 per cent from a year earlier. Take gasoline out, and inflation cooled to 2.2 per cent in September, down from 2.4 per cent in August. The Bank's own preferred core measures eased as well: CPI-trim slowed t...