Inflation In Canada Starts Slow! Will This Influence BoC Actions?

<p>&nbsp;Statistics Canada reported the annual inflation rate slowed to a reading of 3.8 per cent in September as prices began to slow compared to last year.</p><p><br /></p><p>The latest data comes after the annual rate rose over the summer, reaching four percent in August.</p><p><br /></p><p>The report showed consumers paid less for airfare than a year earlier, while prices of durable goods also fell.</p><p><br /></p><p><br /></p><p>Statistics Canada said grocery prices continued to rise rapidly, but the growth rate fell to 5.8 per cent in September, down from 6.9 per cent in August.</p><p><br /></p><p>Meanwhile, higher petrol prices put pressure on inflation, as prices are 7.5 percent higher than in September 2022.</p><p><br /></p><p>This latest data is released a week before the next Bank of Canada interest rate announcement and the latest estimate for inflation.</p><p><br /></p><p>The US dollar showed a strengthening of 0.51% against the Canadian currency after the Canadian CPI and U.S. Retail Sales data were released.</p>