Inflation rate declined to 2.2% in October
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Canada’s annual inflation rate declined to 2.2 per cent in October, largely due to sharply falling gas prices, Statistics Canada said Monday.
Pump prices fell 9.4 percent in October after falling 4.1 percent in September, as drivers switched to cheaper winter gas blends and crude oil prices eased “amid continued concerns of oversupply,” the data agency wrote.
Excluding gasoline, inflation came in at 2.6 percent last month, the same as September.
Grocery prices also rose at a slower pace in October, helping push the overall rate down. But according to StatsCan, prices are still high and outpacing headline inflation for nine months in a row.
Prices of other food preparations (a category that includes mostly processed foods) slowed, as well as prices of fresh vegetables, but this was offset by higher prices for fresh or frozen chicken.
Slower increases in gas and grocery prices were partially offset by higher prices for cell phone plans. Home and auto insurance price increases also increased in October.
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