Canada’s inflation rate decelerates to 6.9% but food prices continue to climb

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Canada’s official inflation rate declined for the third month in a row in September, at the same time as many items and providers continued to get dearer.

Statistics Canada reported Wednesday that the buyer value index declined to 6.9 per cent in September, down from 7 per cent in August. 

The rate peaked at a 40-year excessive of 8.1 per cent in June.

Economists had been anticipating an ever greater drop off to about 6.7 per cent, but food prices pulled the headline quantity up.

Food bought at shops elevated at a tempo of 11.4 per cent. That’s the quickest tempo of improve in grocery payments since August 1981.

The quantity means food inflation is nearly twice as a lot as the general inflation rate. Food inflation has now been larger than the general rate for 10 months in a row.

Gasoline prices, which had been a serious contributor to inflation earlier within the 12 months, have now fallen for 3 months in a row. They’re nonetheless on common 13 per cent larger than they had been a 12 months in the past, but they fell by greater than seven per cent through the month of September.

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