2023-09-19 22:01:41
August marks the second consecutive month of rising inflation and economists expect progress in reducing inflation to stall in the coming months. (Photo: The Canadian Press)
Statistics Canada says the country’s annual inflation rate reached 4.0% last month, up from 3.3% in July.
The rise in inflation was largely fueled by gasoline prices, which climbed on an annual and monthly basis.
August marks the second consecutive month of rising inflation and economists expect progress in reducing inflation to stall in the coming months.
The federal agency says that although price growth accelerated on an annual basis, prices rose more slowly month-over-month as prices for package tours and air travel fell.
Meanwhile, grocery prices increased at a slower annual rate, 6.9% year-over-year, compared to 8.5% last month.
Between July and August, grocery prices decreased by 0.4%.
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