Canada’s annual inflation rate drops slightly to 6.9% in Sept, but grocery bills soaring: Stat Canada

Representative image of Canada's food prices soar: Pixaby

Toronto: Although Canada’s annual inflation rate dropped slightly in September to 6.9 percent, the cost of groceries continues to soar, Statistics Canada reports.

The price of grocery prices rose at the fastest rate since August 1981, and compared to last year, these have risen 11.4 percent compared with a year ago.

According to Statistics Canada, food prices have outstretched the overall inflation rate for 10 consecutive months.

The slight deceleration from 7.0 percent in August in the latest consumer price index is mostly attributed to lower gas prices, reports the federal agency

Compared to August, gas prices fell by 7.4 percent in September.

As far as homeowners or prospective buyers are concerned, the cost of mortgage interest is being pushed up by higher interest rates, while other costs rise at a slower pace.

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