The drop in gasoline prices contributed to the slowdown in inflation in the country in September, but was attenuated by the increase in the prices of everyday necessities, such as rent and food purchased at the grocery store, according to the latest data from Statistics Canada released Tuesday.
The Consumer Price Index (CPI) increased by 1.6% year over year in September in Canada.
“This is the lowest annual increase recorded since February 2021 (+1.1%),” noted Statistics Canada.
According to the federal agency, the slowdown in growth was largely attributable to falling gasoline prices.
Indeed, from one year to the next, prices at the pump decreased by 10.7% in September, after having fallen by 5.1% in August.
“The decline observed in September was mainly attributable to lower crude oil prices amid growing concerns over slowing economic growth, as well as lower costs associated with the switch to winter blends. »
Rent prices rose 8.2% year-over-year in September, a slight slowdown from the 8.9% increase seen in August.
Prices at grocery stores continue to rise
Prices of food purchased from stores increased by 2.4% in September, which is the same growth rate as in August. This is the second month in a row that grocery store prices have increased more than overall inflation.
Although the prices of certain foods decreased year over year, such as those of seafood and other seafood products (-4.9%), nuts and seeds (-0.9%) and fish (-0.3%), the prices of other foods, such as fresh or frozen beef (+9.2%), edible fats and oils (+7.8%) and eggs (+5. 0%), continued to increase.
In Quebec, the inflation rate decreased by 0.2% between August 2024 and September 2024, and increased by 1.3% between September 2023 and September 2024.
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