OTTAWA – Statistics Canada said its consumer price index in September was up 0.5 per cent compared with a year ago.
The reading compared with a year-over-year increase of 0.1 per cent in August.
Consumer prices rose 0.5% in Sept y/y, up in 6 of 8 main categories. Excluding gas, inflation rose 1%.
Statistics Canada says "acceleration in the CPI was largely due to price changes in the transportation, recreation, education and reading, and shelter components." pic.twitter.com/rYhsZRjhgo
— Richard Dettman (@rwdettman) October 21, 2020
Economists on average had expected a year-over-year increase of 0.4 per cent, according to financial data firm Refinitiv.
The statistics agency said that prices were up in six of the eight components of the inflation tracker, including increases in tuition fees as students headed back to school.
The agency also said the back-to-school shopping season wasn’t as big as it was one year ago, noted by a year-over-year drop of 4.1 per cent in clothing and footwear prices.
Statistics Canada said the consumer price index would have increased by 1.0 per cent in September had a 10.7 per cent year-over-year drop in the price of gasoline not been factored in.