NEW: Canada's annual inflation rate was 6.9% in September.
dropped for the third straight month in September but food inflation soared to another 41-year high, according to data released Wednesday morning by Statistics Canada.
The Consumer Price Index — a broad basket of goods and services — was 6.9 per cent higher in September than it was a year ago. That’s slightly lower than the 7.0 per cent annual inflation rate seen in August, and 7.6 per cent in July. In June, inflation had jumped to a 39-year high of 8.1 per cent. Lower gasoline prices are the biggest reason the annual rate of inflation dropped in September. Month to month, gas prices fell 7.4 per cent in September, compared to August, the third straight month pump prices have fallen.
Food prices, however, kept on soaring, rising by 11.4 per cent. That’s the highest rate of food inflation since August, 1981.“Core” inflation, which strips out gasoline and food, hit 5.4 per cent in September. In the U.K., inflation continues to skyrocket; on Wednesday, the U.K.’s Office of National Statistics announced inflation hit 10.1 per cent in September, a 40-year-high.
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