Canada’s inflation rate falls again
The national statistics agency said that multiple factors had contributed to that surge in the cost of food including extreme weather, the Russia-Ukraine crisis, higher input costs and supply chain snarls.
StatCan’s announcement marks the second consecutive month that Canada’s inflation rate has fallen, having hit its highest rate for 40 years (8.1%) during the summer.
Core inflation – which does not account for items like food and energy – also fell compared with July, from 5.4% to 5.2%.
The news comes just two weeks after the Bank of Canada announced a fifth consecutive interest rate hike aimed at bringing inflation down, with the central bank having now increased its trendsetting rate by a full three percentage points since March.