Canada Posts Modest Rise in August CPI
(MENAFN) Canada’s Consumer Price Index (CPI) climbed 1.9 percent year over year in August, up from a 1.7 percent rise in July, Statistics Canada reported Tuesday.
The slower decline in gasoline prices compared to July contributed to the faster overall inflation growth, the national statistical agency explained.
When excluding gasoline, the CPI increased 2.4 percent in August, slightly down from a consistent 2.5 percent rise over the prior three months, according to Statistics Canada.
Offsetting the overall CPI acceleration were lower costs for travel tours and fresh fruit compared to July.
Specifically, prices for travel tours dropped 9.3 percent annually in August, after falling 1.7 percent in July. The agency attributed this decline to reduced demand from U.S. travelers.
On a monthly basis, the CPI edged down 0.1 percent in August, Statistics Canada added.
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