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Higher Food Prices, Gas Down
The agency said Friday that Manitoba’s annual inflation rate dropped to 1.3 per cent from 1.8 per cent in August.
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Those were down 18.8% compared to previous year. Market expectations were for a 2.2% rise. “As both these effects dissipate over the next year, core CPI should remain around the Bank of Canada’s target allowing policy makers to remain on hold for the foreseeable future”, he said.
British Columbians experienced big price jumps for food and clothing this past year as inflation rose 4.5% and 5%, respectively, in those categories.
The Bank of Canada’s core index, which excludes a few of the most volatile components, was up 2.1 per cent from a year ago, matching economist estimates from Thomson Reuters.
“Unless there is a more pronounced pick-up that absorbs some of the economic slack built up over the past few years, core inflation will trend gradually lower”.
A Reuters poll of analysts had predicted the annual rate would be 1.1 per cent in September, following August’s 1.3 per cent rate. The central bank kept its key interest rate at 0.5 percent this week after cutting it in January and July to ward off damage from an oil-price shock.
It said consumers paid 3.5 per cent more for food in September compared with the same month a year ago.
Statistics Canada’s transportation index, which includes gasoline, posted its 11th-consecutive year-over-year decline.
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The Bank of Canada’s core index was up 2.1 per cent in the 12 months to September while the seasonally-adjusted core index was up 0.1 per cent on a monthly basis in September.