Newfoundland and Labrador's consumer insolvency rate saw slowed growth in the latest updates published by Statistics Canada on Tuesday, but still far outpaced the national average.

The province saw a 5.9 per cent increase in bankruptcies and proposals for the 12-month period ending on Oct. 31.

That's down from 8.9 per cent the month before, but a far cry from the national average of 0.7 per cent in the latest update.

Sean Stack, a licensed insolvency trustee in St. John's, says it's not surprising given the rising cost of essentials like food and housing.

"The cost of living is something everybody has been talking about. What’s been in the news recently has been the cost of food specifically," Stack said. "I mean, that’s just going to hurt people’s bottom line and make it harder to mak

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