Canada’s annual inflation rate hits 4.4% in September, says StatCan – .

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Canada’s annual inflation rate hits 4.4% in September, says StatCan – .


OTTAWA –

According to Statistics Canada, the annual rate of inflation accelerated in September to its highest level since February 2003.

The agency says its consumer price index in September was up 4.4 percent from a year ago.

The reading compared with a year-over-year increase of 4.1% in August.

Prices at the pump are responsible for most of the increase, with consumers paying 32.8% more for gasoline last month than in September 2020.

The statistics agency says the annual inflation rate would have been 3.5 percent if it had excluded gasoline prices from its calculation.

Statistics Canada also indicates that food prices overall increased 3.9 percent year over year, compared to 2.7 percent recorded in August.

The pace of overall price increases in August reflected the rebound in prices from lows seen a year earlier, increased consumer demand and supply chain bottlenecks that pushed up costs. transport costs, which are passed on to buyers.

These bottlenecks have not abated, and Bank of Canada Governor Tiff Macklem said last week that they have proven to be more persistent than initially believed.

September’s reading marked the sixth consecutive month that headline inflation exceeded the Bank of Canada’s target range between 1% and 3%.

According to Statistics Canada, the average of the three measures of core inflation, which are considered to be better indicators of underlying price pressures and closely monitored by the Bank of Canada, was 2.67% in September, compared with 2.6% in August.

The September reading is the highest since December 2008.

CIBC chief economist Royce Mendes said central bank inflation indicators suggest the economy has yet to fully heal from the pandemic and will likely let the Bank of Canada consider the recent rise in prices. price as temporary.

Macklem said the central bank would act to curb inflation if the current rise in prices seemed to become more than one-time pressure points.

Here is what happened in the provinces (previous month in brackets):

  • Newfoundland and Labrador: 4.4% (4.8)
  • Prince Edward Island: 6.3 percent (6.3)
  • Nova Scotia: 5.2 percent (5.1)
  • New Brunswick: 5.1 percent (4.7)
  • Quebec: 5.1 percent (4.4)
  • Ontario: 4.4 percent (4.0)
  • Manitoba: 4.7 percent (4.4)
  • Saskatchewan : 3,3 % (2,9)
  • Alberta: 4.0 percent (4.7)
  • British Columbia: 3.5% (3.5)

The agency also released the rates for major cities, but warned the numbers may have fluctuated significantly as they are based on small statistical samples (the previous month in brackets):

  • St. John’s, Newfoundland: 3.8% (4.3)
  • Charlottetown-Summerside : 6,2 % (6,2)
  • Halifax: 4.8 percent (4.8)
  • Saint John, NB: 4.9 percent (4.4)
  • Quebec: 4.2 percent (3.7)
  • Montreal: 5.1 percent (4.4)
  • Ottawa: 5.3 percent (4.8)
  • Toronto: 3.8 percent (3.3)
  • Thunder Bay, Ont. : 4.1 percent (4.4)
  • Winnipeg: 4.5 percent (4.2)
  • Regina: 2.8 percent (2.2)
  • Saskatoon : 3,2 % (3,2)
  • Edmonton: 3.7 percent (4.4)
  • Calgary: 4.2 percent (4.9)
  • Vancouver: 3.6 percent (3.3)
  • Victoria : 2,4 % (3,2)
  • Whitehorse: 4.9 percent (5.0)
  • Yellowknife : 4,8 % (4,1)
  • Iqaluit: 2.6 percent (2.6)

This report by The Canadian Press was first published on October 20, 2021

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