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The inflation rate in Canada slows to 3.8%...

The inflation rate in Canada slows to 3.8%...

By Omayma othmani

Published: October 17, 2023

The inflation rate in Canada slowed to 3.8 percent in September, down from 4 percent in August.

This figure, announced by Statistics Canada today Tuesday, was lower than economists had expected.

The data agency also stated that the slowdown in the cost of living was broad-based and stemmed from lower prices for a variety of goods and services, including travel, durable goods, and some grocery items.

On a monthly basis, the cost of living actually decreased by 0.1 percent in September.

Gas prices also fell by 1.3 percent during the month, but they remain high, up 7.5 percent from last year, which is why fuel costs were one of the biggest factors pushing the annual rate up.

If gasoline were excluded from the inflation figures, the rate would be 3.7 percent. This is down from 4.1 percent in the previous month.

The rise in the cost of living has led to an increase in the number of households relying on school food programs, but these services are also feeling the pinch from the significant rise in grocery prices, as Diana Somanaq Johnson of CBC highlighted the challenges facing the programs and their importance and emphasized renewed calls for national school meal funding.

Grocery prices continued to rise, but at a much slower rate. Year-over-year, the cost of filling a grocery basket increased by 5.8 percent. This is down from over 11 percent at this time last year.

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