The Bank of Canada wording on a Canadian $50 bill is pictured in Ottawa on Wednesday, Jan. 11, 2023. Statistics Canada will release its latest reading on inflation this morning. The agency will publish its consumer price index for August.THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – Statistics Canada says the country’s annual inflation rate rose to four per cent last month, up from 3.3 per cent in July.
The rise in inflation was largely driven by gasoline prices, which were up on an annual and monthly basis.
August marks the second consecutive month inflation has risen as economists expect progress on getting inflation down to stall over the next few months.
The federal agency says although price growth accelerated on an annual basis, prices rose more slowly month-over-month as prices for travel tours and air transportation fell.
Meanwhile, grocery prices rose at a slower annual pace, rising 6.9 per cent from a year ago compared with a reading of 8.5 per cent last month.
Between July and August, grocery prices fell by 0.4 per cent.
This report by The Canadian Press was first published Sept. 19, 2023.
