Canadian Inflation Holds Steady at 3% in August

Statistics Canada reported that Canadian inflation remained at 3% in August, matching the rate from July. The annual rate of inflation was unchanged as a slowdown in rising gas prices was offset by higher rent and travel tour costs.

The agency said gasoline costs continued to increase in August but at a slower pace, with prices up 22.8% compared with 25.7% a month earlier due to the conflict in the Middle East. Excluding gasoline, consumer prices rose 2.4% last month.

Statistics Canada also noted that grocery prices increased at a slower pace than overall inflation for the first time in more than two years, with prices rising 2.8% compared to 3% for the all-items CPI.