The CPI in Canada, which measures inflation, rose to 4.1% on an annual basis in August, recording the fastest pace of growth since March 2003, compared to 3.7% in the July reading.

The index, excluding gasoline, rose to 3.2%, the monthly index rose by 0.2% in August compared to 0.6% in the July reading.

The largest contribution to the index’s rise in August came from the durable goods sector, with an increase of 5.7% compared to an increase of about 5% in July, after an increase in furniture by about 8.7% and an increase in the prices of household appliances by about 5.3%, while the prices of services rose for the fifth month in a row by 2.7%

. Gasoline prices rose on an annual basis by 32.5% in August, driven mainly by the decline in production in oil-producing countries, to rise on a monthly basis by about 0.4% due to Hurricane Ida and the suspension of a large part of production.

The Canadian dollar is trading higher against the US dollar at 1.2671 levels.