The annual inflation rate in Canada surged to its highest level in four months in August, driven by rising fuel prices and increased costs for rent and mortgage interest. According to Statistics Canada, the consumer price index rose by 4.0% compared to the previous year, surpassing the market’s expectations of a 3.8% increase. This follows a rise to 3.3% in July.
In terms of monthly changes, prices climbed by 0.4% in August, exceeding the consensus forecast of a 0.2% increase. When adjusted for seasonal factors, the CPI increased by 0.6% compared to the previous month.
Additionally, the Bank of Canada’s preferred measures for underlying core inflation showed an average of 4.0% in August, up from 3.75% in the previous month. Core inflation measures price changes excluding volatile goods such as food and energy.
These latest figures indicate significant inflationary pressures in Canada, reflecting higher fuel costs and housing expenses. With inflation continuing to rise, policymakers and consumers will be closely monitoring price trends.
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