October 21, 2022
As gasoline prices decreased but food prices continued to rise, Canada’s official inflation rate fell for the third consecutive month in September.
According to statistics released on Wednesday by Statistics Canada, the consumer price index decreased from 7% in August to 6.9% in September.
In June, the rate reached a 40-year high of 8.1%.
The headline number increased even though economists had predicted a far larger decline to roughly 6.7%.
Food purchases climbed at a rate of 11.4% in retailers. Since August 1981, the rate of increase in grocery costs has been at its quickest.
Source: CBC News Canada
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