Canada’s CPI-based inflation rises 6.9% in Sept YoY, down from 7% in Aug

Canada’s Consumer Price Index (CPI) rose 6.9 per cent in September on a year-over-year basis, decelerating from 7 per cent in August, Statistics Canada has said.

Lower gasoline prices were mostly responsible for the deceleration, the national statistical agency said on Wednesday, adding that while prices at the gas pump dropped Canadians continued to feel the pinch from higher food prices, Xinhua news agency reported.

According to the statistical agency, in September, prices for food purchased from stores grew 11.4 per cent, the fastest pace year over year since August 1981. Prices for food purchased from stores have been increasing at a faster rate than the all-items CPI for 10 consecutive months, since December 2021.

Excluding food and energy, prices rose 5.4 per cent year over year in September, following a gain of 5.3 per cent in August. Prices for durable goods, such as furniture and passenger vehicles, grew at a faster pace in September compared with August, the statistical agency said.

On a monthly basis, the CPI rose 0.1 per cent in September.

Average hourly wages rose 5.2 per cent on a year-over-year basis in September, meaning that, on average, prices rose faster than wages. The gap in September was larger compared with August, Statistics Canada said.

–IANS

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