Canada's August Inflation Rate Expected to Hold Steady at Three Per Cent

Statistics Canada is set to release its inflation figures for August this morning. According to a poll of economists, the annual rate of inflation was expected to hold steady at three per cent from July.

The main contributor to inflationary pressure has been higher energy prices, which are up around 23 per cent from last year, although there was some relief at the pumps in August compared to earlier this summer.

Crude oil prices have recently hovered around US$100 per barrel due to the ongoing conflict in Iran. This comes after the Bank of Canada raised interest rates in response to inflation concerns.