Canada’s consumer price index (CPI) rose 7% in August year-on-year, down from 7.6% in July, Statistics Canada said Tuesday.
This is the second consecutive month of slower year-on-year price increases and was largely due to lower gasoline prices in August compared to July, the national statistics institute said. , adding that, excluding gasoline, prices rose 6.3% year-on-year in August, following rising 6.6% in July.
On a monthly basis, the CPI fell 0.3% in August, the biggest monthly drop since the early months of the COVID-19 pandemic. On a seasonally adjusted monthly basis, the CPI rose 0.1%, the smallest rise since December 2020, the institute said.
According to the institute, the increase in prices of goods and services slowed in August year-on-year. While non-durable goods fell on lower prices at the pump, services associated with travel and accommodation contributed the most to the slowdown in services prices. Prices for durable goods, such as passenger vehicles and household appliances, also rose at a slower pace in August.
In August, the average hourly wage increased by 5.4% year-on-year, which means that on average, prices rose faster than wages. Although Canadians experienced a decline in purchasing power, the gap was less significant than in July, according to Statistics Canada.
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