September housing starts and treasury budget released on October 18 will be updated in the next week’s CQM and PCA forecasts. Real personal consumption expenditure (PCE) is forecasted to have increased by about 3% in 2024Q3. PCE was a main driver of economic growth in 2024Q3 which is forecasted to have grown by about 2.7%. Although inflation indicators were low in 2024Q3 as seen in graph 2, they are forecasted to be higher in 2024Q4. CQM forecasts headline inflation 1.43% in 2024Q3 to 2.51% in 2024Q4, core PCE price deflator from 1.95% to 2.98% and GDP price deflator from 1.64% to 2.01%.