Inflation Slowed in September
Inflation Slowed in September
Following an uptick over the summer, Statistics Canada has announced that the annual inflation rate slowed to 3.8% in September. The inflation rate for BC was 3.3%, down from 3.8% the prior month.
The report shows consumers paid less for airfare and a variety of goods and services compared to a year ago. Stats Canada says grocery prices continue to rise rapidly, but the pace of growth fell to 5.8 per cent in September, down from 6.9 per cent in August. Higher gasoline prices put upward pressure on inflation, as prices were 7.5 per cent higher than they were in September 2022.
This data comes a week ahead of the Bank of Canada’s next interest rate announcement, and is hoped to ease the pressure on the BOC to increase rates again.
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