Canadian Inflation Rate Holds Firm at 3%

Canada's annual inflation rate remained steady at 3% in August, mirroring July's numbers. Gasoline prices continued to surge, increasing by an annual rate of 22.8%, although this was a slight decline from the 25.7% increase seen in July.

Fuelled by rising crude prices that crossed $100 per barrel, gasoline costs remained high. However, food prices cooled slightly, registering an annual growth rate of 2.8%. This marked the first time in 14 months that food prices fell below the 3% mark.

The core measures of CPI-median and CPI-trim, which exclude extreme price changes, hovered around 2% for several months. Shelter costs, including rents and mortgage interest, increased to 1.5% in August from 1.3% in July.