Canadian Consumer Price Index Up 4.0% Year-Over-Year in August
Consumer Price Index, August 2023
Statistics Canada (StatCan) reported on Tuesday (9-19-23) that the Canadian Consumer Price Index (CPI) increased 4.0% year-over-year in August, following a 3.3% increase in July. On a monthly basis, the CPI rose 0.4% in August, following a 0.6% gain in July. On a seasonally adjusted monthly basis, the CPI increased 0.6%.
According to StatCan, the “headline acceleration” was largely the result of higher year-over-year prices for gasoline, up 0.8%, in August compared with July, down 12.9%. Excluding gasoline, the CPI rose 4.1% in August, matching the 4.1% increase in July.
StatCan notes that in addition to higher energy prices, Canadians paid more for rent and mortgage interest in August. Moderating the all-items CPI were declines in prices for travel-related services and a smaller increase in food prices when compared to July.
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