OTTAWA — Statistics Canada says inflation accelerated to 2.4 per cent in September thanks largely to yearly changes in gas prices and some stubborn price hikes at the grocery store.
That’s a jump of half a percentage point from 1.9 per cent annual inflation in August and a tick higher than economists’ expectations.
Statistics Canada says gasoline costs rose somewhat month-to-month in September, but prices at the pump were down sharply over the same period last year, pushing the annual inflation comparison higher.
Grocery prices meanwhile rose four per cent annually in September, accelerating from 3.5 per cent in August.
Statistics Canada says fresh vegetables and sugar and confectionary goods were rising the most on Canadians’ grocery bills year-over-year in September, but the agency says short supplies of beef and coffee are also fuelling food inflation.
The September inflation report will be the Bank of Canada’s last look at price data before the central bank’s next interest rate decision on Oct. 29.
