Canada’s inflation rate increases to 4%

Business·Breaking

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

A gas pump at a station on  a sunny day in Vancouver.
Gas prices increased by almost five per cent in the month of August alone. (Ethan Cairns/CBC)

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.

ABOUT THE AUTHOR

Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: [email protected]

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