Canada’s inflation rate jumps to 4.0% in August on higher gas prices
- Canada's annual inflation rate rose to 4.0 per cent in August, surpassing the Bank of Canada's target of 2 per cent. The increase was mainly driven by higher gasoline prices, which saw a year-on-year increase of 0.8 per cent after a significant drop in the previous year.
- Two out of three of the Bank of Canada's core measures for underlying inflation also showed gains. CPI-median increased to 4.1 per cent and CPI-trim rose to 3.9 per cent in August. This suggests that inflationary pressures are persistent and warrant attention.
- Bank of Canada Governor Tiff Macklem predicted that inflation will continue to rise in the near term due to an increase in oil prices. Despite weak economic growth, the central bank has kept its key overnight interest rate at 5 per cent, but has stated that borrowing costs may be raised if inflationary pressures persist.
Insights by Ground AI
Does this summary seem wrong?
Coverage Details
Total News Sources0
Leaning Left13Leaning Right3Center8Last UpdatedBias Distribution54% Left
Bias Distribution
- 54% of the sources lean Left
L 54%
C 33%
13%
Factuality
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
