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“The Consumer Price Index (CPI) rose 2.8% on a year-over-year basis in August, following a 3.0% increase in July. Excluding gasoline, the CPI increased 2.2%, matching the gain in July,” Statistics Canada reported on Friday.

Key quotes from the press release

  • Prices were up in all eight major components in the 12 months to August.
  • Year-over-year prices for non-durable goods (+3.8%) increased at a more moderate pace in August than in July (+4.4%).  
  • On a seasonally adjusted monthly basis, the CPI rose 0.1% in August, following a 0.5% increase in July.

Meanwhile, the Bank of Canada’s core-CPI ticked up to 1.7% in August from 1.6% in July and surpassed the analysts’ estimate of 1.4%. On a monthly basis, the core-CPI increased 0.1%.