Canada’s Consumer Price Index (CPI) jumped an annualized 4.4% in September to reach its highest level in 18 years.
Statistics Canada said September’s inflation rise was the fastest pace of growth since February 2003, and up from a 4.1% increase in August.
Excluding gasoline, the Consumer Price Index rose 3.5% year-over-year in September. The monthly inflation gauge rose 0.2% in September, the same growth rate as in August. Inflation in Canada has now increased for nine consecutive months.
Prices were up across the board, with transportation (+9.1%) being the biggest driver. Shelter (+4.8%) and food (+3.9%) also contributed to the overall increase. The gain in food prices was due largely to higher prices for food bought at stores, up an annualized 4.2% compared to growth of 2.6% in August.
The global semiconductor chip shortage kept car prices elevated, up 7.2% in September from a year earlier. Meanwhile, prices at the gas pump rose 32.8% compared with September 2020, according to Statistics Canada.
