Statistics Canada (StatsCan) reported today (9-16-21) that the Canadian Consumer Price Index (CPI) increased 4.1% on a year-over-year basis in August, up from a 3.7% gain in July. This is the fastest growth rate in the CPI since March 2003. The report indicates that the price increases are the result of an accumulation of recent price pressures and from lower price levels in 2020.
Excluding gasoline, the CPI in August rose 3.2% year-over-year. The monthly CPI rose 0.2% in August, down from a 0.6% increase in July. On a seasonally adjusted monthly basis, the CPI rose 0.4%.
Prices increased in seven of the eight major components in August, with transportation prices contributing the most to the all-items increase. Conversely, consumers paid less for clothing and footwear, as prices declined year over year.
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Consumer Price Index, August 2021