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Stats show inflation rate continues slowly returning to normal

10/19/2022

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To paraphrase that old Isley Brothers hit, it's not quite time to "Shout," but inflation is trending "a little bit softer now."

The latest figures from Statistics Canada show the pace of inflation slowed in September, with the cost of goods rising 6.9% from a year earlier. Inflation has been declining for three months, after peaking at 8.1% in June.

The sharp rise in costs was initially attributed to fuel shortages caused by the war in Ukraine, a super-heated housing market and supply chain disruptions caused by the pandemic. However, fuel costs have stopped rising as sharply and supply chains are getting close to their typical efficiencies.

"However, these gains were largely offset by the continued rise of prices for food and services. Unfortunately, there was no progress on 'core' inflation, which held steady at 5%," Canadian Chamber of Commerce Chief Economist Stephen Tapp said. "Today’s lack of progress on inflation — together with Bank of Canada surveys released earlier this week that suggested inflation expectations remain elevated — should be concerning enough to the Bank of Canada for them to deliver the 50 basis-point interest rate hike that the market expects (Oct. 26)."
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews-articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • The Chamber 1863
  • About Us
    • Emerge >
      • Emerge Events
      • Emerge Mentorship
      • Emerge Connect
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us