September 2024 Consumer Price Index Shows 1.6% Annual Increase

The Consumer Price Index (CPI) for September 2024, as reported by Statistics Canada, indicates a 1.6% increase over the past 12 months. This data reflects the overall change in prices for goods and services purchased by Canadian households. The CPI is a key measure of inflation, providing insights into the cost of living and economic conditions in Canada.

In September, the prices for food purchased from stores rose by 2.4%, maintaining the same growth rate as in August. This marks the second consecutive month where grocery prices have increased at a faster pace than the overall inflation rate. Notably, prices for fresh or frozen beef increased by 9.2%, edible fats and oils by 7.8%, and eggs by 5.0%. Conversely, prices for seafood and other marine products decreased by 4.9%, nuts and seeds by 0.9%, and fish by 0.3%.