Inflation Drops to 3.8%

Tuesday, 17 October 2023 12:14

By Linda Morgan

Grocery prices rising at a slower pace

Statistics Canada is reporting a slight drop in inflation last month.

The agency says inflation dropped to 3.8 percent, which is down from four percent in August.

The report shows travelers paid less for flights than a year ago, and prices for durable goods also dropped.

Grocery prices continued to climb, but food inflation dropped from 6.9 percent in August, to 5.8 percent last month.

Gas prices were about 7.5 percent higher than a year ago.

Next week, the Bank of Canada will make its next interest rate announcement.

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