As grocery prices continued to rise at the quickest rate for a long time, Canada's most recent estimate on inflation came in hotter than anticipated, paving the way for another interest rate hike this week.
According to the most recent Consumer Price Index (CPI), The CPI increased 6.9 per cent year over year in September, down from a 7.0 per cent increase in August. This is the third consecutive month that headline inflation has slowed. The decline was mainly caused by lower gasoline costs.
While fuel costs fell in September compared to August, Canadians were still feeling the strain from rising food prices.
After increasing by 5.3 per cent in August, prices overall, excluding food and energy, increased by 5.4 per cent in September. In comparison to August, prices for durable goods, such as furniture and cars, grew more quickly in September.
Consumer price increases in Alberta increased by 0.2 per cent to 6.2 per cent in September compared to August. The core inflation rate increased from 4.9 per cent to 5.3per cent.
However, the price of food and goods is starting to increase. Alberta experienced a 9.2 per cent increase, and housing expenses increased by 6.2 per cent.
Gasoline prices decreased by 7.4 per cent on a monthly basis in September after falling by 9.6 per cent in August. This month's price decrease for gasoline is the third in a row.
Gas prices increased 13.2 per cent year over year in September, down from a 22.1 per cent increase in August.
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