ICYMI: Inflation eases more than expected in Canada — via financialpost Canada Inflation
The deceleration in the consumer price index was the largest since early in the COVID-19 pandemic, Statistics Canada said Tuesday.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
before the University of Waterloo Faculty of Arts, adding that both factors have driven up inflation.Article content Excluding gasoline, inflation rose 6.3 per cent year-over-year, down from a 6.6 per cent increase in July.The price of groceries, however, surged 10.8 per cent from the year before, the fastest pace since 1981, driven higher by extreme weather, higher input costs and the disruption of supply chains caused by Russia’s invasion of Ukraine.Article content
“At some level, you don’t need an economist to tell you this: No one naïvely assumes that just because inflation is high today, it will stay there,” Beaudry said. “Instead, people try their best to understand the economic environment and form expectations based on that understanding.”Article content “Even after today’s deceleration, the annual rate of inflation remains well above the Bank of Canada’s target and as such further interest rate hikes are still in the cards,” Andrew Grantham, senior economist at CIBC Capital Markets, wrote in a note after the data.Article content
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