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Consumer Price Index, August 2023
The Consumer Price Index (CPI) rose 4.0% year over year in August, following a 3.3% increase in July. The headline acceleration was largely the result of higher year-over-year prices for gasoline in August (+0.8%) compared with July (-12.9%). Excluding gasoline, the CPI rose 4.1% in August, matching the 4.1% increase in July. In addition to facing higher energy prices, Canadians paid more for rent and mortgage interest in August. Moderating the all-items CPI were declines in prices for travel-related services and a smaller increase in food prices compared with the previous month. On a monthly basis, the CPI was up ... (full story)
Added at 8:46am
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Canada's inflation rate accelerates again, jumping 4 per cent in August
Canada's annual inflation rate accelerated for the second month in a row in August, increasing 4 per cent as the price of gasoline surged. Economists had expected a 3.8 per cent annual increase in the Consumer Price Index (CPI), according to Reuters. Statistics Canada said the increase in inflation was largely driven by rising gas prices. Gas prices jumped 0.8 per cent in August, the first year-over-year increase since January, driven in part by base-year effects as prices fell during the same month in 2022. Higher rent and mortgage interest costs also contributed to the rise in CPI. On a monthly basis, CPI increased ... (full story)
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