Canada’s inflation rate fell to 6.9% in September as consumers paid less for gas. Though, food costs continue to soar. What you need to know: ▪️ Prices at the pump fell 7.4%; ▪️ Grocery costs were up 11.4% – the quickest pace since 1981.
, shifting from near-zero interest rates to a restrictive monetary policy in a little more than six months.0.75 percentage point interest rate increase
It also makes borrowing more expensive. That means higher interest rates for mortgages, home equity lines of credit, credit cards, student debt and car loans. Borrowing rates for mortgages and other loans are rising quickly, a source of potential stress for households carrying debt. Interest rates and inflation are closely linked, which is why the Bank of Canada has been pushing up its key rate to try and keep inflation to a target of 2%. But it’s a careful balance between controlling inflation and not tipping the economy into a recession. Note - since this video was published in June, inflation has risen to 8.1% in July.two-thirds of Canadians have seen inflation outpace their wage gainsIn September, the average hourly wages rose 5.
The Bank of Canada expects inflation of 7.2 per cent this year and 4.6 per cent in 2023, having revised its CPI forecast higher several times. The central bank also projected in July that inflation won’t return sustainability to its 2-per-cent target until late 2024.
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Inflation in Canada slows for third month in a row, rising 6.9% annuallyFood prices continue to soar, with food purchased from stores jumping 11.4 per cent annually, the fastest year-over-year rise since August 1981 From alicjawithaj
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Annual inflation rate 6.9 per cent in September as grocery bills continue to climbStatistics Canada says the annual inflation rate dropped slightly in September to 6.9 per cent but the cost of groceries continues to climb.
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Annual inflation rate 6.9% in September as grocery bills continue to climbStatistics Canada says the annual inflation rate dropped slightly in September to 6.9 per cent but the cost of groceries continues to climb.
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Canada’s inflation falls to 6.9% in September as grocery prices continue to riseWhile food prices keep soaring, lower gasoline prices pushed the annual rate of inflation lower in September.
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Statistics Canada to release September inflation data this morningStatistics Canada is expected to release September inflation numbers this morning.
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