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Canada’s grocery bills skyrocketing though annual inflation rate drops slightly to 6.9 pct in Sep: Stat Canada Stastics Canada
Image Credit: Representative image of Canada's food prices soaring/ credit: Pixabay

Canada’s grocery bills skyrocketing though annual inflation rate drops slightly to 6.9 pct in Sep: Stat Canada

India Blooms News Service | @indiablooms | 19 Oct 2022, 11:14 pm

Toronto/IBNS: Canada’s grocery bills continue to soar, though the annual inflation rate dropped slightly in September to 6.9 per cent, Statistics Canada reports.

The price of grocery prices rose at the fastest rate since August 1981, and compared to last year, these have risen 11.4 per cent compared with a year ago.

According to Statistics Canada, food prices have outstretched the overall inflation rate for 10 consecutive months.

The slight deceleration from 7.0 per cent in August in the latest consumer price index is mostly attributed to lower gas prices, reports the federal agency

Compared to August, gas prices fell by 7.4 per cent in September.

As far as homeowners or prospective buyers are concerned, the cost of mortgage interest is being pushed up by higher interest rates, while other costs rise at a slower pace.

(Reporting by Asha Bajaj)

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