In September, Canada's inflation rate dropped to 1.6%, driven primarily by a 10.7% yearly decrease in gasoline prices, marking the smallest increase in CPI since February 2021.
Despite the cooling inflation rate, certain costs, especially for rent and groceries, remain significantly elevated, indicating an uneven effect of inflation on consumer prices.
Food prices have been increasing at a faster pace than the overall inflation rate for the second month in a row, highlighting shifts in the food market dynamics.
Rent prices have shown signs of slowing growth, increasing by 8.2% year-over-year in September, a decrease from 8.9% in August, with notable variations by region.
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