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Canada's August inflation holds steady at 3% as crude stays firm; food prices ease
Food inflation eased to 2.8% for the first time in 14 months, while gasoline still rose 22.8% annually, Statistics Canada said.
- On Monday, Statistics Canada reported Canada's annual inflation held at 3% in August, unchanged from July, as crude prices remained firm and food prices cooled only moderately.
- Crude prices stayed elevated, keeping gasoline costs at an annual rate of 22.8%, while food inflation eased to 2.8% down from 25.7% in July.
- Dairy prices decelerated sharply to 0.7% from 3.1% in July, with cheese and yogurt leading the slowdown, while prices for tours and travel surged 26.1%; CPI-median stood at 2% and CPI-trim at 1.9%, both unchanged from July.
- Following the inflation release, the Canadian dollar weakened 0.29% to C$1.3909 against the U.S. dollar, while two-year government bond yields firmed 1.4 basis points to 2.703%.
- Next month's inflation data faces upward pressure as benchmark Brent crude crossed $100 per barrel this month, compounded by President Donald Trump's 50% tariffs and Canada's retaliatory measures, while the Bank of Canada signaled readiness to raise rates if core inflation remains elevated.
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Canada Inflation Steady at 3% in August
Canadian inflation steadied last month as rising travel costs and a rebound in rents countered a softer jump in gasoline prices. The consumer-price index slipped 0.1% in August, holding the annual rate of inflation at 3%, Statistics Canada said Monday.
·New York, United States
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Canada's August inflation holds steady at 3% as crude stays firm; food prices ease
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 on Monday.
·London, United Kingdom
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Coverage Details
Total News Sources4
Leaning Left0Leaning Right1Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 25%
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