Oct 19, 2022
By Jane Brown
Inflation in Canada was still high last month, just not quite as high as in August.
Statistics Canada has released the latest cost of living numbers with the annual rate of inflation in September at 6.9-percent.
That is a slight slowdown from August when year over year inflation was 7-percent as the price of gas came down but the cost of groceries continued to climb.
And last month the trend continued, with gas prices declining but the cost of food continuing to rise.
Karyne Charbonneau is CIBC’s chief economist and says any decline in the cost of living number is a positive sign.
“It’s still really bad but it’s getting better,” Charbonneau said.
With inflation running well above the Bank of Canada’s 2-percent target, a sixth consecutive interest rate hike is expected next week.
In Britain, meantime, inflation accelerated to a 40-year high in September as the soaring cost of food squeezed household budgets.
The latest report released Wednesday from the Office for National Statistics in the UK says the annual consumer price index rose 10.1%, compared with 9.9% the previous month.