Canada’s Consumer Price Index (CPI) grew by 1.9% year-on-year in August, according to figures released just a few moments ago, up from July’s 1.7%. The core CPI, which excludes gasoline prices, rose to 2.4% year-on-year, up from 2.5% in the previous three months.
On a monthly basis, the index fell by 0.1% in August after growing by 0.3% in July, below expectations.
This rise in inflation comes after fuel prices were the largest contributor to the acceleration of the CPI for all goods. Gasoline prices fell by 12.7% in August, following a 16.1% decline in July. Meat prices rose by 7.2%, fresh fruit prices fell by 1.1%, clothing and footwear prices rose by 1.7%, and travel services prices fell by 3.8%.