Inflation eases more than expected in Canada Canada Inflation
The decline in the consumer price index was the largest since early in the COVID-19 pandemic, Statistics Canada said Tuesday.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Excluding gasoline, prices rose 6.3 per cent year-over-year, down from a 6.6 per cent increase in July.The price of groceries, however, surged 10.8 per cent from the year before, the fastest pace since 1981, driven higher by extreme weather, higher input costs and the disruption of supply chains caused by Russia’s invasion of Ukraine.Article content
Meat prices are up 6.5 per cent from last year, dairy, 7 per cent, baked goods, 15.4 per cent and fresh fruit is up 13.2 per cent.All three core measures of inflation, which the Bank of Canada watches closely, eased slightly, but are still a long way from the Bank’s 2 per cent target. “Even after today’s deceleration, the annual rate of inflation remains well above the Bank of Canada’s target and as such further interest rate hikes are still in the cards,” Andrew Grantham, senior economist at CIBC Capital Markets, wrote in a note after the data.
“However, a clearer gap appears to be opening up between Canadian and U.S. inflation trends, which should bring a lower peak from the Bank of Canada than the Federal Reserve.”
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