Inflation rate was 6.9% in September in Canada
In-store food prices jumped 10.8% in August compared to the same period a year ago, according to Statistics Canada.< /p>
The consumer price index (CPI) continued its slow decline in September in Canada. It was 6.9%, down 0.1% from the 7% inflation rate reported in August, according to Statistics Canada.
If we Looking a little further back in time, annual inflation was 8.1% in June, down from 7.7% in May and 6.8% in April.
The slowdown in the CPI in August was mainly due to lower gasoline prices. On the other hand, the price of food purchased from stores, which jumped 10.8% in August compared to the same period a year ago, posted its largest increase since 1981, indicated Statistics Canada.
On Monday, grocers Metro and Loblaw announced a price freeze on certain products for several months. Announcements that could represent successful marketing moves, according to experts.
At the beginning of September, the Bank of Canada announced the increase of its key rate by 0.75 percentage point at 3.25%. It was the fifth straight hike by the central bank, which is trying to bring inflation back to a range of 1% to 3%.