This months inflation came in at 3.1%. Last month was 3.8%, this was a drop of 0.7% Peak inflation was 8.1%. The lowest reading we got this year was 2.8% in July.
Here’s the change month over month
- Travel/tours 11%
Property tax 4.9%
Internet 3.5%
Mortgage 2.5%
Rent 1.4%
Kitchen items -14.8%
Gas -6.4%
Fruits/ Veggies -3.3%
Here’s the changes year over year
Mortgage interest 30.5%
Rent 8.2%
Restaurants 5.7%
Food 5.6%
Electricity 11.1%
Airfare -19.4%
Phone services -14.1%
Nat gas -13.1%
Gas -7.8%
The year-over-year deceleration was largely a result of lower prices for gasoline. However prices for travel tours , rent & property taxes keep rising.
Mortgage and rent are contradictory to inflation since interest rates are the reason why both of them keep rising. BoC would need to start cutting rates soon to lower inflation.
The next interest rate decision is Dec 6. I’m predicting a Pause in the rates.
*All data was taken from statistics Canada
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