This is the best summary I could come up with:

The figure, which was reported by Statistics Canada on Tuesday, was lower than economists were expecting.

That's down from more than 11 per cent this time last year, and it's because price increases for many food items are slowing down — and actually declining for things like bacon, bananas, grapes, and some types of cheese.

"Large monthly gains in September 2022, when grocery prices increased at the fastest pace in 41 years, fell out of the 12-month movements and put downward pressure on the indexes," Statistics Canada said.

Benjamin Reitzes, an economist with the Bank of Montreal, says the inflation report paints a picture of an economy that is cooling down, and makes it all but certain that the Bank of Canada will holds rates steady when it meets next week.

"The level of inflation remains much too high for comfort, but the trend is the Bank of Canada's friend here," he said.

"Given that inflation is the most lagging of indicators, and the economy is clearly weakening, we're likely to see ongoing disinflationary pressure ... there's no need for further rate hikes in Canada."

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