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Canada's annual inflation rate reached 6.9% in September as grocery bills continue to rise

Canada's annual inflation rate reached 6.9% in September as grocery bills continue to rise

By Omayma othmani

Published: October 19, 2022

 

The Canadian Statistics Agency says that the annual inflation rate slightly declined in September to 6.9 percent, but grocery costs continued to rise. In the latest Consumer Price Index report, the federal agency said the slight slowdown from 7.0 percent in August is mostly attributed to a decrease in gas prices, which dropped by 7.4 percent in September compared to the previous month. On the other hand, the report stated that holiday spending is expected to decline amid inflation and economic uncertainty. Also, grocery prices rose at the fastest rate since August 1981, with prices increasing by 11.4 percent compared to last year. In the same context, the Canadian Statistics Agency says that food prices have exceeded the overall inflation rate for 10 consecutive months. Additionally, for homeowners or potential buyers, high interest rates lead to increased mortgage interest costs, while other costs rise at a slower pace. Also, Loblaw stores in Canada have frozen the prices of 1,500 "No name" products. With food prices rising in Canada due to inflation, it is advised to find new ways to cover expenses, including shopping with a specific list of what you will buy to reduce impulse purchases. You can also cook at home instead of eating out and reduce food waste as well.

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