Statistics Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.3 percent m-o-m in October, following a 0.4 percent m-o-m decline in the previous month.

On the y-o-y basis, Canada’s inflation rate increased 1.9 percent last month, matching the gains in September and August.

Economists had predicted inflation would increase 0.3 percent m-o-m and 1.9 percent y-o-y in October.

According to the report, prices for both goods (+1.3 percent y-o-y) and services (+2.2 percent y-o-y) rose in October at the same rates that were recorded in the previous month. The cost of gasoline declined 6.7 percent y-o-y in October, following a 10.0 percent y-o-y tumble in September. Excluding gasoline, the CPI rose 2.3 percent y-o-y following three consecutive monthly gains of 2.4 percent y-o-y.

Meanwhile, the closely watched the Bank of Canada's core index rose 1.9 percent y-o-y in October, the same pace as in the previous month. Economists had forecast an advance of 1.9 percent y-o-y.