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The Consumer Price Index increased by 6.9% in Canada



Price increases continued to slow somewhat in September, according to Statistics Canada, whose Consumer Price Index shows an annual increase of 6.9%, compared to 7% in August.

This is the third consecutive month in which headline inflation growth has slowed. Lower gasoline prices are the main reason for the slowdown, says Statistics Canada.

Pump prices fell in September compared to August, but Canadians continued to feel the effects of higher food prices.

Prices for food purchased from stores (+11.4%) posted the largest year-over-year increase since August 1981. The increase in prices for food purchased from stores exceeded that of the CPI in together for 10 consecutive months, since December 2021.

Excluding food and energy, prices rose 5.4% year over year in September, after rising 5.3% in August.

The September figures are in line with economists’ forecasts.

In Quebec, the annual increase in inflation, which was 7.1% in August, stands at 6.5% in September.

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