inflation cooled to 6.9 per cent, according to Statistics Canada.Prices on food purchased from the grocery store continued to soar, rising 11.4 per cent to a new 41-year high.Last month, shoppers paid more for meat (7.6 per cent), dairy (9.7 per cent), bakery goods (14.8 per cent) and fresh vegetables (11.8 per cent), according to StatsCan.The agency says food prices have outstretched the overall inflation rate for 10 consecutive months. It pointed to unfavourable weather, higher prices on inputs such as fertilizer and natural gas, and continued disruption from Russia’s invasion of Ukraine as driving up prices.StatsCan said the drop in September’s headline inflation figure was largely thanks to lower gas prices.
The pace of price growth at the pumps eased in every province except for British Columbia last month, StatsCan said.CIBC Economics managing director Karyne Charbonneau said in a note to clients Wednesday morning that since gas prices have risen over recent weeks, October’s reading could show headline inflation “temporarily heading in the wrong direction again.”Average hourly wages were up 5.2 per cent in the month, failing to keep pace with price growth. But StatsCan noted that the gap between inflation and wage growth was larger in September than in August.In August, Canada’s annual inflation rate slowed to 7.0 per cent.
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