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- Canada’s annual inflation accelerates more than expected in August
Canada’s annual inflation accelerates more than expected in August
Statistics
Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.2
percent m-o-m in August, following a 0.6 percent m-o-m increase in the previous
month. This represented the slowest pace this year.
On
the y-o-y basis, Canada’s inflation rate surged 4.1 percent last month,
accelerating from 3.7 percent in July. This was the highest rate since March 2003.
Economists
had predicted inflation would increase 0.1 percent m-o-m and 3.9 percent y-o-y
in August.
According
to the report, prices increased in seven of the eight major components in
August, with transportation prices (+8.7 percent y-o-y) contributing the most
to the all-items gain. At the same time, prices declined for clothing and
footwear (-0.2 percent y-o-y).
Meanwhile, the closely watched the Bank of
Canada's core index jumped 3.5 percent y-o-y in August, following a 3.3 percent
y-o-y climb in July.
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