Headline inflation of 2.2% shaped up largely as expected for October, gaining 0.2% over the September print…

… but moderating on a Y/Y basis, as the drag from gasoline prices increased.

At the category level, it wasn’t just transportation - with most baskets showing slower Y/Y growth versus September…

… including in store-bought food, which grew 3.4% - down from 4% last month but still above CPI for nine straight.

The most interesting chart from the print? Cellular services… up nearly 8% - the first increase in nearly three years.

That could be what the sector needs to get going, after years of intense price competition have weighed on shares (especially without recent strength from Rogers)… let’s see.