Forex
Canada's Inflation Rate Stagnant at 3% Amid Gas Price Volatility
The Canadian consumer price index (CPI) remained stable in August, increasing by 3% year-over-year. This marks no change from the annual inflation rate in July.
In contrast, the month-over-month CPI fell by 0.1%. The report attributes this to gasoline prices, which rose by 22.8% on a yearly basis, although at a slower pace than the 25.7% increase recorded in July.
The conflict in the Middle East continued to drive up gasoline prices in August, according to Statistics Canada. Despite the year-over-year slowdown, these prices remained elevated.