New figures released this week by Statistics Canada show that Canada’s inflation rate dropped slightly in September, but the cost of groceries continues to climb.
Data shows inflation sat at 6.9 per cent last month, down from seven per cent in August. The agency noted that it was mainly due to lower gas prices, which fell by 7.4 per cent in September.
While gas dropped, grocery prices rose at their fastest rate since 1981, with prices up 11.4 per cent compared to 2021, mainly for meat, dairy products, bakery products and fresh vegetables.
Meanwhile, in Atlantic Canada, Prince Edward Island saw the highest inflation rate in our region, coming in at 8.4 per cent. It was followed by Nova Scotia at 7.3 per cent.
New Brunswick currently sits at 6.8 per cent, while Newfoundland and Labrador reported its inflation rate as 6.1 per cent.
You can find the full report by Statistics Canada here.