Canada’s inflation rate continues to slow, according to new numbers from Statistics Canada.
The Consumer Price Index fell to 1.6 per cent in September, down from two per cent a month earlier.
It also marked the smallest yearly increase we have seen since February 2021, according to StatCan.
Lower year-over-year prices for gasoline was the main contributor to the decrease.
Rent prices increased at a slower pace, rising 8.2 per cent year over year, compared to 8.9 per cent in August.
Prices for food purchased from stores rose 2.4 per cent, the same growth rate as in August.
It marked the second consecutive month that grocery prices increased at a faster pace than headline inflation.
Although the overall rate at which prices are increasing has slowed, StatCan said price levels remain elevated.
Inflation rose 12.7 per cent in September compared to three years earlier. During that same period, rent was up 21 per cent while grocery prices increased 20.7 per cent.
Year over year, prices rose at a slower pace in September compared with August in all provinces.
Newfoundland and Labrador (0.7 per cent), Saskatchewan (0.7 per cent), Manitoba (0.8 per cent), Nova Scotia (0.9 per cent) and New Brunswick (0.9 per cent) saw the slowest increases.
That was followed by Prince Edward Island (1.0 per cent), Quebec (1.3 per cent), Ontario (1.9 per cent), Alberta (1.9 per cent) and British Columbia (2.0 per cent).
The full report can be found on Statistics Canada’s website.
