OTTAWA—Inflation in Canada again cooled in October as prices at the pump dropped, adding weight to expectations that the central bank’s aggressive rate-rising campaign is over despite some pressures still being felt by Canadians.

Consumer prices edged up 0.1% in October and rose 3.1% from a year earlier, the slowest pace since June and well below than the peak of 8.1% hit in the middle of last year, Statistics Canada said Tuesday.