Forex
Canada's Inflation Rate Holds Steady at 3% Amid Rising Travel and Rent Costs
Canada's inflation rate remained steady at 3% in August, according to Statistics Canada. The consumer price index (CPI) for the month showed a 3% increase compared to last year.
The main contributors to the inflation rate were travel tours, gasoline, and rent costs. However, a slowdown was observed in grocery price growth for the first time since July 2024.
Price growth for food purchased from stores continued to slow in August, rising only 2.8% year over year, after a 3.1% increase in July. Dairy products led the deceleration in grocery prices, with cheese and yogurt topping the slowdown in dairy prices.