Canada's Inflation Rate Holds Steady at 3% Amid High Oil Prices

Canada's annual inflation rate held steady at 3% in August, unchanged from the previous month, as persistently high crude oil prices kept gasoline costs elevated while food price inflation eased slightly.

Gasoline prices declined slightly in August but remained 22.8% higher year-on-year, compared with a 25.7% increase in July.

The Bank of Canada aims to keep inflation near the midpoint of its 1% to 3% target range and has stated that it would not hesitate to raise interest rates several times if inflation remains elevated.