1 week Ago By Matthew Horwood
According to Statistics Canada, September’s inflation numbers were below the bank’s goal due to lower gasoline prices, which declined by 10.7 percent year-over-year in September compared to a year-over-year decline of 5.1 percent in August.
Without including gas prices, which fell due to economic growth concerns and lower costs associated with the switch to winter blends, September’s inflation would have been at 2.2 percent. Air transportation costs were also among the items having lower costs, with the year-over-year prices declining by 4.
4 percent in September, and by 14.3 percent compared to August. However, the month-over-month price movement is seasonal, with the summer travel period coming to an end.
Some items had considerably higher levels of inflation. For rent, year-over-year prices increased by 8.2 percent in September after an 8.
9 percent gain in August. As well, mortgage interest costs rose by 16.7 percent when comparing year-over-year prices.
Food price inflation also remained high, increasing by 2.4 percent in September, the same as it rose in August. September was the second month in a row that prices increased at a faster rate than headline inflation.
Inflation varied by the exact food items, with the year-over-year prices declining by 4.9 percent for seafood and marine products, 0.9 percent for nuts and seeds, and 0.
3 percent for fish. However, eggs increased by 5 percent, edible oils and fats increased by 7.8 percent, and fresh and frozen beef increased by 9.
2 percent. Eating out has also remained more unaffordable for many Canadians, with year-over-year restaurant food prices rising at 3.5 percent in September.
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