Canada’s inflation rate hits four percent in August: StatCan

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OTTAWA – Statistics Canada says the country’s annual inflation rate rose to four per cent last month, up from 3.3 per cent in July.

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The rise in inflation was largely due to gasoline prices, which rose annually and monthly.

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August is the second straight month that inflation has risen, as economists expect progress in reducing inflation to stall in the next few months.

The federal agency says that while price growth accelerated on an annual basis, prices rose more slowly month to month as travel and air transportation prices fell.

Meanwhile, food prices rose more slowly annually, rising 6.9 percent year-on-year, compared with 8.5 percent the previous month.

Between July and August, food prices fell by 0.4 percent.