Canada’s inflation rate hits an 18-year high

The Canadian inflation rate has just hit an 18-year high with the annual inflation rate hitting 4.4%, up from 4.1% in August.

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This is the highest level of inflation since February 2003, Statistics Canada says.

Statistics Canada highlighted that prices have risen year over year in “every major component in September,”. Transportation prices have risen by 9.1%, which in turn contributes “the most to the all-items increase.

Housing prices have also increased by 4.8%, with food prices increasing by 3.9%.

“Prices for meat products (+9.5%) increased in almost every sector in September and rose at the fastest pace since April 2015, following a 6.9% gain in August.”

Chicken and beef have both seen significant price increases for Canadians.

“Prices for fresh or frozen chicken (+10.3%) and fresh or frozen beef (+13.0%) were up in September, partly due to higher input costs and continued strength in demand.”

The price for bacon has seen the “largest year-over-year gain since January 2015” with an increase of 20%.

Statistics Canada believes the temporary closures of production facilities have in part contributed to the higher prices being experienced.

In contrast to the significant increases in some food items, fresh vegetable prices saw a decline in September by 3.2%, Statistics Canada says this is largely driven “by prices for tomatoes (-26.1%).”

Statistics Canada also noted the significant increase in gasoline prices at the pump. “Prices at the gas pump rose 32.8% compared with September last year.

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