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October’s Consumer Price Index (CPI) reports indicate that inflation is moderating. U.S. CPI rose by 3.7% year-over-year, unchanged from the previous month, but core inflation (which excludes volatile food and energy prices) decreased to 4.1% from 4.3% in August. More improvement was seen in Canada, as September CPI was up 3.8%, down from a 4.0% increase in August. Canadian core inflation was 2.8%, down significantly from 3.6% the previous month. In response to an easing of inflation, the Bank of Canada left interest rates unchanged at its October meeting.

in Q3, ahead of the median consensus estimate of 4.5% and Q2’s reading of 2.1%. The main driver of the expansion was consumer spending, which accelerated to 4.0% QoQ annualized from Q2’s pace of 0.8%, in line with consensus expectations. Services spending advanced by 3.6% (1.0% previously), goods improved to 4.8% (0.5% previously), and business investment grew by 8.4% (5.2% previously). Despite the strong economic momentum, many economists see an easing in growth in the final quarter of the year.