Canada's Inflation Rises to 3.1% as Fuel Oil Prices Jump 58%
Canada's Inflation Rises to 3.1% as Fuel Oil Prices Jump 58% What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… Gasoline and fuel oil pushed Canada's annual inflation rate to 3.1% in September, up from 3.0% in August, as the war in the Middle East kept fuel prices high,Statistics Canada saidon Monday.
Gasoline prices rose 27.8% from a year earlier, up from 22.8% in August, despite the switch to the cheaper winter blend.
Fuel oil and other fuels rose 57.8%, up from 43.7%, with the heaviest burden in Atlantic Canada, where many homes are heated with oil.
The overall energy index climbed 19%, up from 15.4%, and transportation costs rose 8.4%.
Grocery prices rose 1.7%, the smallest annual increase since May 2024, as fresh vegetables fell 2.9% and sugar and confectionery fell 2.7%.
Beef prices rose 8.7%, down from 11% in August.
Grocery prices are still up 33% since September 2020.
Shelter costs rose 1.8%, up from 1.5%, led by a 4.9% rise in home and mortgage insurance and a 1.2% rise in home maintenance and repair.
Rent rose 2.8%, unchanged from August, and mortgage interest costs fell 0.2%.
Excluding energy, Nova Scotia posted the fastest price growth in Atlantic Canada, at 3.3%.
The headline number came in below the 3.2% that forecastshad called for.
On a seasonally adjusted basis, prices rose 0.4% from August.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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