Canada’s annual inflation growth rate held at 3% in August, same as last month, as crude prices continued to stay firm affecting gasoline costs and food prices cooled only moderately, data showed today.<\/p>\n
The next month’s consumer price index data could show further strengthening as benchmark Brent crude price crossed $100 a barrel this month and US President Donald Trump’s new 50% tariffs and Canada’s retaliatory measures impact costs for the full month.<\/p>\n
Analysts polled by Reuters had forecast the annual inflation rate at 3% and monthly inflation to register no change.<\/p>\n
On a month-on-month basis, consumer prices fell 0.1%, Statistics Canada said.<\/p>\n
Gasoline prices eased slightly in August but still increased at an annual rate of 22.8%. This was down from 25.7% increase noted in July.<\/p>\n
Food prices, which have been accelerating faster than the headline inflation since July, eased slightly and registered an annual growth rate of 2.8%. This was the first time in 14 months that food prices fell below the 3% mark.<\/p>\n
Prices for dairy products led the deceleration in food prices with costs rising 0.7% annually in August compared with a 3.1% rise in July. Cheese and yogurt were the top contributors to the slowdown in dairy prices, StatsCan said.<\/p>\n
Prices for tours and travel rose 26.1%, another main contributor to the upside inflation after gasoline and food, due to base year effect. During the same time last year costs in this category had fallen due to a sharp decline in Canadians traveling to the US.<\/p>\n
Meanwhile, shelter costs, which include rents and mortgage interest costs, increased slightly to 1.5% in August from 1.3% in July.<\/p>\n
The Bank of Canada said last month that it will not hesitate to increase rates multiple times if inflation stays higher and impacts the closely-watched core measures.<\/p>\n
The central bank strives to keep inflation around the mid-point of its target range of 1% to 3%.<\/p>\n","protected":false},"excerpt":{"rendered":"Canada’s annual inflation growth rate held at 3% in August, same as last month, as crude prices continued…\n","protected":false},"author":2,"featured_media":624498,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-624497","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/624497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=624497"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/624497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/624498"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=624497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=624497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=624497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}