Inflation in Canada increased in August, slightly less than some economists had expected but coming just ahead of the Bank of Canada’s next decision on interest rates scheduled for Wednesday.
On Tuesday, Statistics Canada reported inflation for consumers goods and services, as measured by the Consumer Price Index was 1.9 per cent in August compared to the same month last year.
Heading into the release, economists had expected inflation would rise to two per cent, from 1.7 per cent in July.
Consumer price inflation measures how much prices have increased for consumers in a given period, and the reports provide insights for economists, policy makers, and central banks like the Bank of Canada to help monitor underlying trends.
Tariff policies have been adding increased costs for some products and services, which can also be reflected in a higher inflation reading.
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The 1.9 per cent reading falls within the central bank’s target range for consumer price growth of between one and three per cent.
– More to come
With a file from The Canadian Press.
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