In the News: Canada’s Inflation Rate Slowed to 3.1% in October

Canada’s annual inflation rate slowed to 3.1 per cent in October, falling from 3.8 per cent the previous month.

The drop is attributed in part to the fall in prices for gasoline that brought it 7.8 lower from the year before.

With the exclusion of gasoline, Statistics Canada says the consumer price index increased by 3.6 per cent. This follows a similar 3.7 increase in September.

The federal agency says the largest contributors to inflation in this report continued to be mortgage interest costs, food purchases and rent.

Despite grocery prices continuing to rise faster than the overall rate of inflation, Statistics Canada says the pace of increases has nonetheless slowed.

In October, the cost of groceries rose by 5.4 per cent, compared to 5.8 per cent greater in the month prior.

This inflation report comes as the federal government gears up to release it’s fall economic statement later Tuesday afternoon.

Watch the full news report.