Business and Economy
Canada’s inflation rate rose to 1.9% in August
By Jenna Benchetrit, CBC News, RCI
Gas prices, which dropped at a high rate in July, were still declining in August — but at a slower pace than they had previously, contributing to the upward tick in the overall inflation rate. (Pexels Photo)
July inflation rate stood at 1.7 per cent mostly due to lower gas prices.
Canada’s annual inflation rate rose to 1.9% in August, Statistics Canada said on Tuesday, the final piece of economic data before the Bank of Canada’s next interest rate decision.
Gas prices, which dropped at a high rate in July, were still declining in August — but at a slower pace than they had previously, contributing to the upward tick in the overall inflation rate.
The Bank of Canada’s preferred core measures, which strip out gas due to its volatility, mostly ticked downwards in August. Economists are largely expecting the central bank to cut during its Wednesday meeting.
Canada’s inflation rate rose to 1.9% in August. Photo: Statistics Canada (Graeme Bruce/CBC)
This article is republished from RCI.
