Saturday, September 23, 2023

Canada slightly lowers its inflation rate in September

OTTAWA, Oct. 19 (Prence Latina) Canada’s inflation rate last September was 6.9 percent, due to a decrease in gasoline prices in the country, the public institution Statistics Canada (EC) reported today.

The specialized unit highlighted that this figure means a slight easing of the inflation outlook that the country is experiencing, especially since in June 2022 the indicator reached its highest level in 40 years, reaching 8.1 percent .

The EC highlighted that although the price of gasoline fell by 7.4 percent in September compared to August, what Canadians currently pay for this fuel would be 13.2 percent more than the same period in 2021. Is.

Meanwhile, the statistics body indicated that food prices in the country rose by 11.4 per cent in September, the highest intra-annual increase since August 1981.

Experts pointed out that in the last 10 months, food prices have increased more than the rest of the products that make up the Consumer Price Index.

In an economic scenario dominated by inflation, Canadians pay 7.6 per cent more for meat than a year ago, while their spending on dairy products, bread and fresh vegetables rose by 9.7, 14, 8 and 10 per cent, respectively, experts said. has increased by 11.8 percent.

Sector analysts elaborated that the current inflation moderation is a result of the Central Bank of Canada’s decision to raise its interest rates, even at the cost of a recession in the country, which is already on the cards for the first quarter of 2023. predicted for.

These expansionary and restrictive monetary policies are similar to policies adopted by other financial institutions, such as the Federal Reserve and the European Central Bank, to try to stem the effects of high prices on their economies.

World Nation News Desk
World Nation News Desk
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