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LATEST INFLATION STATS ARE ‘FOOD’ FOR THOUGHT

LATEST INFLATION STATS ARE ‘FOOD’ FOR THOUGHT featured image

Canada’s inflation rate rose to 1.5% in October, up slightly from the month before.

Statistics Canada says a 2.5% increase in gas prices drove total inflation up.

The cost of shelter rose 1.9% – the largest increase since January last year because of higher costs to maintain the value of the home and a rise in property taxes.

But the big story was food prices which declined 0.7%, the first drop since January 2000.

(Fernando Morales / The Globe and Mail)

Then there was the cost of food at grocery stores that fell 2.1% – the largest decline since July 1992 – as prices for fresh fruit and vegetables, meat and dairy products all fell.

Economists say that’s due to several factors, including a stabilizing dollar that makes food imports cheaper, increased competition between retailers and several years of strong crops in the U.S.

The post LATEST INFLATION STATS ARE ‘FOOD’ FOR THOUGHT appeared first on Zoomer Radio AM740.

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