Inflation pressures in Canada appear to be receding, albeit slowly, writes Kevin Carmichael. Read on
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Excluding food and energy, inflation rose 5.4 per cent from a year earlier, compared with 5.3 per cent the previous month, suggesting the initial shock from surging commodity prices and pandemic-era supply bottlenecks is rippling through the broader economy. Passenger vehicle prices were 8.4-per-cent higher, and furniture cost 13.3 per cent more than in September 2021.
One shift worth noting: mortgage costs are now putting upward pressure on overall inflation because of higher interest rates. Between October 2020 and June 2022, the cost of borrowing money to buy a home was disinflationary. Now, the costs are rising on a year-over-year basis, jumping 8.3 per cent from September 2021. Upward pressure on other prices associated with housing
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