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UPDATE 1- Canada's annual inflation rate dips to 1.0 pct on cheaper gas

Published 2015-10-23, 08:35 a/m
© Reuters. UPDATE 1- Canada's annual inflation rate dips to 1.0 pct on cheaper gas

(Adds details of release, background)
OTTAWA, Oct 23 (Reuters) - Canada's annual inflation rate
dipped to 1.0 percent in September on lower prices for gasoline,
marking the 10th straight month it has been below the Bank of
Canada's 2.0 percent target, Statistics Canada said on Friday.
A Reuters poll of analysts had predicted the annual rate
would be 1.1 percent in September, following August's 1.3
percent rate.
Inflation has been anemic since late last year, when
slumping prices for energy started to hit the Canadian economy.
Gasoline prices fell by 18.8 percent in the 12 months to
September compared to a 12.6 percent decrease in August. The
drop overwhelmed the rest of the index, even though seven out
eight components posted an increase from September 2014.
Core inflation, which strips out volatile items and is
closely watched by the Bank of Canada, advanced by 2.1 percent,
the same as in August.
The Bank of Canada on Wednesday said the underlying
inflation rate continued to be around 1.5 to 1.7 percent. It
said total inflation would return to the 2.0 percent target in
the first quarter of 2017. urn:newsml:reuters.com:*:nBCLLLEB9U

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