Canada's August Inflation Rate Holds Steady at Three Percent

Statistics Canada is set to release its inflation figures for August on September 14. A poll of economists predicts that the annual rate of inflation remained steady at three percent, matching July's figure according to LSEG Data & Analytics.

The main contributor to inflationary pressure has been higher energy prices, which have risen by around 23 percent over the past year. However, there was some relief at the pumps last month compared to earlier this summer, as crude oil prices hovered around $100 per barrel due to the ongoing conflict in Iran.

These figures come after the Bank of Canada maintained its key policy rate at 2.25 percent earlier this month. The central bank has held its policy rate steady in seven consecutive decisions, aiming to balance volatile global energy prices and US tariffs that are impacting the economy.