Canadian Inflation Rate Holds Steady at 3% in August

Canada's inflation rate remained steady at 3 per cent in August, as reported by Statistics Canada on September 14. The consumer price index (CPI) showed that prices for travel tours, gasoline, and rent rose, while grocery price growth slowed down for the first time since July 2024.

According to StatCan's report, food purchased from stores continued to slow in August, rising 2.8 per cent year over year, after a 3.1 per cent increase in July. Dairy products led the deceleration in grocery prices, with cheese and yogurt experiencing a slowdown in price growth.

Smaller price increases were seen for fresh or frozen pork, condiments, spices, and vinegars, as well as fresh fruit.