Arab Canada News
News
Published: November 16, 2022
The Canadian Statistics Agency said the annual inflation rate was 6.9 percent in October.
After declining for several months, the inflation rate stabilized in October compared to September with rising gasoline prices.
The federal agency also stated that rising mortgage interest costs also increased pressure on inflation.
However, the rise in gas prices and higher interest rates was offset by a slowdown in the growth of grocery and natural gas prices.
Grocery prices also rose at the fastest pace in decades, reducing Canadians' budgets and raising concerns about the cost of living.
In October, grocery prices increased by 11 percent compared to last year, down from 11.4 percent the previous month.
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