In January 2019, Total CPI inflation stood at 1.4% and grew to 2.4% in May. Canada’s annual inflation rate now sits at “comfortable” 1.9%. It dipped as a result of “cheaper” energy.
Canada’s economy has been resilient even as trade wars have added significant uncertainty to other global economies. Given the lower than expected GDP growth numbers recently released, mainly as a result of declining energy prices.
Statistics Canada said when energy and food prices are excluded, the inflation rate rose 2.1% in September on a one-year basis. Food and energy comprise almost 23% of the CPI basket of goods.
Excluding the price of gasoline, inflation climbed 2.4%.
Shelter costs rose 2.3%, on increases in mortgage payments and rent. Food prices climbed 3.7%.
Want to see how inflation has affected your dollars over the years? Check out: inflationcalculator.ca
Sources: Trading Economics, The Wall Street Journal