Analyst report 🌐 Macro 🌍 Canada

RBC Forecasts Canada September CPI at 3% Amid Rising Energy Costs

RBC analysts expect Canada's September CPI to remain at 3% as higher gasoline and furnace oil prices continue to support headline inflation figures.

📅 October 16, 2026 🕐 1 min read

2 assets impacted (Commodities). Net bias: 2 Bullish, 0 Bearish, 0 Neutral. Strongest signal: GASOLINE ↑ 3/10 (60% confidence).

📊 Affected Assets (2)

GASOLINE

Bullish 🤖 60%

📅 Short-term 🌍 CA · Explicit

RBC expects higher gasoline prices to support Canada's headline CPI at 3% y/y in September.

HEATINGOIL

Bullish 🤖 60%

📅 Short-term 🌍 CA · Explicit

RBC cites higher furnace oil prices as a contributor to Canada's CPI resilience.

🎯 Key Takeaways

RBC maintains a 3% year-over-year CPI forecast for Canada in September.
Rising gasoline and furnace oil costs serve as primary drivers for persistent inflation.

📝 Executive Summary

RBC strategists Claire Fan and Abbey Xu project Canada's headline Consumer Price Index will hold steady at 3% year-over-year for September. The forecast attributes this resilience to upward pressure from gasoline and furnace oil prices.

❓ FAQ

What is the outlook for Canada's September inflation?

RBC strategists expect the headline CPI to remain at 3% year-over-year, driven by energy price increases.

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