Provincial posted Nov 19, 2024 @ 05:43am by Iain Burns

BC's inflation rate 2nd-highest in Canada in October as prices up 2% nationally

Canada’s annual inflation rate increased to two per cent in October, the latest figures show.

It was 1.6 per cent in September.

In British Columbia, the rate in October was higher than the national average, coming in at 2.4 per cent.

<who> Photo credit: Statistics Canada </who> Inflation rate by province.

Only Alberta (three per cent) had a higher rate.

Statistics Canada said gas prices declined by four per cent nationally in October, considerably less than in September (-10.7 per cent).

Prices for food bought in stores, meanwhile, grew by 2.7 per cent in October.

<who> Photo credit: Statistics Canada </who> Property tax increases.

That’s the third month in a row in which grocery prices have increased at a faster rate than overall inflation.

Fresh vegetables were up 7.3 per cent, StatCan said, while preserved fruit and fruit preparations were up 7.6 per cent.

Fresh and frozen beef increased in price by seven per cent, down on September’s 9.2 per cent.

<who> Photo credit: Statistics Canada

Overall shelter costs also increased in October, rising 4.8 per cent year over year. Mortgage interest costs were up 14.7 per cent, while rent grew 7.3 per cent.

StatCan also highlighted increases in property taxes, pointing to a six per cent increase nationwide, the highest year-over-year increase since 1992.

In BC it was even higher at eight per cent.

Only Newfoundland and Labrador had it worse (9.7 per cent).

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Provincial posted Nov 19, 2024 @ 05:43am by Iain Burns

BC's inflation rate 2nd-highest in Canada in October as prices up 2% nationally

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