Canada's Inflation Rate Steady at Three Per Cent Amid Rent Hikes
Canada's inflation rate remained steady at three per cent in August, as reported by Statistics Canada on Monday. The slowdown in rising gas prices was offset by higher rent and travel costs. Excluding gasoline, consumer prices increased by 2.4 per cent in August.
Food prices rose by 2.8 per cent year-over-year, the first time they did so below the inflation rate since July 2024. This marks a significant shift in the country's inflation dynamics.
Canadian Prime Minister Mark Carney is hosting the Canada Investment Summit in Toronto, which began on Monday evening. The event aims to attract C$1 trillion in investment over the next five years. Carney will also address the European Parliament later this week, where he will deny reports of Canada seeking EU associate membership.