October 2024 Consumer Price Index Shows Increased Inflation
The Consumer Price Index (CPI) for October 2024 indicates a rise in inflation across all provinces compared to the previous month. Statistics Canada reports that property taxes and other special charges increased by 6.0% year-over-year, marking the highest annual increase since 1992. Newfoundland and Labrador experienced the most significant rise in property taxes at 9.7%, followed by British Columbia at 8.0%.
Mortgage interest costs have been slowing since September 2023, with a notable peak in August 2023 at 30.9%. Rent prices also grew at a slower pace in October, with a 7.3% increase year-over-year, down from an 8.2% rise in September. Despite the deceleration, rent prices remain elevated, showing a 21.6% increase compared to October 2021.
Food prices from stores rose at a faster pace in October, with a 2.7% increase year-over-year, up from 2.4% in September. This marks the third consecutive month where grocery price growth surpassed headline inflation. The increase was driven by higher prices for fresh vegetables and preserved fruits, although fresh or frozen beef prices exerted downward pressure, rising by 7.0% compared to 9.2% in September.
These figures reflect ongoing inflationary pressures in various sectors, impacting consumers across the country.