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Statistics Canada to report inflation figures for August this morning
Gasoline price growth slowed, but higher rent and travel costs kept annual inflation at 3%, Statistics Canada said.
- Statistics Canada reported the annual inflation rate held at three per cent in August as slower energy price growth was offset by higher rent and travel costs.
- RBC economists attribute persistent inflationary pressure primarily to energy costs, which are up around 23 per cent from a year ago as Crude oil hovers near high levels amid the conflict in Iran.
- StatCan says grocery prices rose 2.8 per cent year-over-year, while consumer prices Excluding gasoline rose 2.4 per cent and rent costs climbed 2.8 per cent.
- Earlier this month, the Bank held its key policy rate at 2.25 per cent, marking consecutive decisions to keep rates steady amid ongoing economic volatility.
- Gasoline costs increased 2.8 per cent, slowing from prior months as shifting global energy dynamics temper headline inflation despite persistent cost pressures from the United States.
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The rise in gasoline prices had led to inflation rising to 3.0 per cent in July.
·Montreal, Canada
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Coverage Details
Total News Sources50
Leaning Left25Leaning Right0Center17Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
Factuality
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