Canada’s inflation rate decelerated to 3.8 per cent in September, down from four per cent in August.
The figure, which was reported by Statistics Canada on Tuesday, was lower than economists were expecting.
The data agency said the deceleration in the cost of living was “broad-based” and stemmed from lower prices for a variety of goods and services, including travel, durable goods and some grocery items.
On a monthly basis, the cost of living actually declined in September, by 0.1 per cent. That’s the first time that’s happened since November of last year.
Gasoline prices fell by 1.3 per cent during the month, but they’re still up by 7.5 per cent in the past 12 months, which is why fuel costs were one of the biggest factors pushing up the annual rate.
If gasoline is stripped out of the inflation numbers, the rate would have been 3.7 per cent. That’s down from 4.1 per cent the month before.
Some relief in the grocery aisle
Grocery prices continued to increase, but at a much slower rate. Year over year, the cost of filling up a grocery basket has risen by 5.8 per cent. That’s down from more than 11 per cent this time last year, and it’s because price increases for many food items are slowing down — and actually declining for things like bacon, bananas, grapes, and some types of cheese.
WATCH | High grocery prices are making life harder for school lunch programs:
How high grocery prices hurt school food programs
15 days ago
Duration 6:20
Featured VideoThe rising cost of living has more families relying on school food programs, but those services are also feeling the pinch from skyrocketing grocery prices. CBC’s Deana Sumanac-Johnson shows the challenges facing programs, their importance and breaks down the renewed calls for nationwide school meal funding.
“Large monthly gains in September 2022, when grocery prices increased at the fastest pace in 41 years, fell out of the 12-month movements and put downward pressure on the indexes,” Statistics Canada said.
Benjamin Reitzes, an economist with the Bank of Montreal, says the inflation report paints a picture of an economy that is cooling down, and makes it all but certain that the Bank of Canada will holds rates steady when it meets next week.
“The level of inflation remains much too high for comfort, but the trend is the Bank of Canada’s friend here,” he said.
“Given that inflation is the most lagging of indicators, and the economy is clearly weakening, we’re likely to see ongoing disinflationary pressure … there’s no need for further rate hikes in Canada.”
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
