Canada Inflation Holds Steady at 3% Amid Rising Oil Prices

Statistics Canada will release inflation figures for August this morning. Economists polled by LSEG Data & Analytics expect a three percent annual rate of inflation, unchanged from July.

The main driver of inflationary pressure is higher energy prices, up 23 percent from last year, although there was some relief at the pumps in August compared to earlier summer months.

Crude oil prices have hovered around $100 per barrel in recent days due to ongoing tensions in Iran.