Canadian Consumer Price Index Rises 3.0% Year-Over-Year in August

On Monday, Statistics Canada (StatCan) reported that the Canadian Consumer Price Index (CPI) rose 3.0% year-over-year in August, matching the increase in July.

On a monthly basis, the CPI fell 0.1%. Seasonally adjusted, the index rose 0.2%.

According to StatCan, gasoline prices rose at a slower pace year-over-year in August than in July, putting downward pressure on the all-items CPI. Excluding gasoline, the CPI rose 2.4% in August, following a 2.2% increase in July. The slowdown in gasoline prices was offset by higher prices for travel tours and rent.

Year-over-year, prices rose at a faster pace in six provinces in August compared with July. Inflation was highest in the Atlantic provinces, with price growth accelerating in Prince Edward Island, Newfoundland and Labrador, and Nova Scotia. Prices for fuel oil and other fuels rose 43.7%, following a 29.5% increase in July.

Nationally, rent prices rose 2.8% year-over-year in August, up from 2.5% in July, driven by increases of 4.3% in Manitoba and 2.4% in Ontario.