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Canadian Inflation (September 2022)

Posted by Ron Neal on Wednesday, October 19th, 2022 at 5:18pm.

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May30-1
 

Canadian Inflation (September 2022) - October 19, 2022

Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in September, down from 7 per cent last month. This was the third consecutive month of decelerating price growth driven primarily by declining gasoline prices. Excluding energy, the CPI rose 6.3 per cent year over year in September, up from 6.1 per cent in August. Despite slower overall CPI growth, many subcomponents were still quickly appreciating, with prices for food purchased from stores (+11.4 per cent) growing at the fastest pace year-over-year since August 1981. Month-over-month, on a seasonally-adjusted basis, prices were up 0.4 per cent in September. In BC, consumer prices rose 7.7 per cent year-over-year, up from 7.3 per cent last month. This increase is because BC was the only province where gas prices rose from last month, partially due to multiple refinery shutdowns in the Pacific Northwest. Average hourly wages grew 5.2 per cent year-over-year in September, indicating a decline in purchasing power. 

September's CPI numbers continued to suggest that inflation may be slowing, despite certain areas such as food still rising in price at an increasing pace. The latest data show declines not just driven by falling gas prices, but softening in the rate of appreciation in core inflation including transport and shelter. However, core inflation remains well above the Bank of Canada's 2 per cent target and will need to decline significantly over the next several months before the Bank rethinks its current tightening policy. Bond yields are continuing to trend upwards, meaning that markets are still expecting an aggressive Bank of Canada singularly focused on bringing inflation back to its 2 per cent target.

Link: https://mailchi.mp/bcrea/canadian-inflation-september-2022

For more information, please contact:

Brendon Ogmundson
Chief Economist
604.742.2796
bogmundson@bcrea.bc.ca 
Ryan McLaughlin
Economist
604.366.6511
rmclaughlin@bcrea.bc.ca 

BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

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The Neal Estate Group is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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