Gas prices drove inflation up to 3.1% in September, says StatCan
The annual pace of inflation rose to 3.1 per cent in September as war in the Middle East continued to drive up gas prices, Statistics Canada said Monday.
In September, inflation rose to 3.1% as per Statistics Canada, driven by escalating gas prices due to the ongoing conflict in the Middle East. Gasoline prices surged by 27.8% compared to the previous year, even with the move to a cheaper winter blend. Excluding gasoline, consumer prices still rose 2.2% year-over-year. Shelter prices increased by 1.8% in September, up from 1.5% in August.
Mortgage insurance and home maintenance costs also climbed, contributing to the price surge. While grocery prices grew by 1.7%, the smallest yearly increase since May 2024, this was largely due to drops in fresh vegetable prices by 2.9% and sugar/confectionary items by 2.7%. Beef prices, however, rose more moderately by 8.7% compared to the 11% increase in August. Since September 2020, grocery prices have surged 33%.
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