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Oct 17, 2023 5:44 PM - Connect News

Canada's inflation rate decreased to 3.8 percent

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The data agency said that the decline in the cost of living was recorded due to decline in the prices of several goods and services, including travel, durable goods and some grocery items.

Canada's inflation rate fell to 3.8 percent in September, down from 4 percent in August.

This figure has been reported by Statistics Canada on Tuesday.

The figures show a steeper fall in inflation than economists had expected.

The data agency said that the decline in the cost of living was recorded due to decline in the prices of several goods and services, including travel, durable goods and some grocery items.

Gasoline prices fell 1.3 percent during September, but were still 7.5 percent higher than last year, making fuel prices one of the biggest drivers of annual inflation.

If gasoline were excluded from the inflation figures, the rate would have been 3.7 percent.

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