Canada’s inflation rate jumped higher last month, to an annual pace of four per cent, mostly because of an increase in gasoline prices.
Grocery prices increased at 6.9% annual pace
Canada’s inflation rate jumped higher last month, to an annual pace of four per cent, mostly because of an increase in gasoline prices.
Statistics Canada reported Tuesday that the inflation rate ticked higher by 0.7 percentage points, in large part because gasoline prices increased on an annual basis for the first time since January.
Pump prices increased by 4.6 per cent in August alone, and are up by 0.8 per cent compared to where they were a year ago.
Outside of gasoline, prices for other essentials like food and shelter continued to increase.
Grocery prices have risen by 6.9 per cent in the year up to August.
More to come.
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