Canada’s annual inflation rate slowed to 6.9 per cent in September, down from 7 per cent in August, marking the third consecutive deceleration in the Consumer Price Index (CPI). The rate was just above economist forecasts of 6.8 per cent, according to Reuters.
Gas prices were up 13.2 per cent year-over-year, a decline from the 22.1 per cent annual increase reported in August. On a monthly basis, gas prices dropped 7.4 per cent in September following a 9.6 per cent increase in August.
While gas price increases have slowed, food prices in Canada continue to soar, with food purchased from stores jumping 11.4 per cent annually, the fastest year-over-year increase since August 1981. The increase in food prices was broad-based, with Canadians paying 7.6 per cent more year-over-year for meat, 9.7 per cent more for dairy products, 14.8 per cent more for bakery goods, and 11.8 per cent more for fresh vegetables. Fresh fruit prices were up 12.7 per cent, with the cost of apples up 17.3 per cent and oranges up 13.5 per cent.
Excluding food and gas, prices increased 5.4 per cent in September, up from a 5.3 per cent jump in August. On a seasonally adjusted monthly basis, the CPI was up 0.4 per cent, up from 0.1 per cent in the previous month.
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