According to Statistics Canada, the consumer price index rose to 4.1 per cent in August compared to a year ago. This counts as the largest year-over-year inflation increase since 2003. In July of 2021, the consumer price index was at an increase of 3.7 per cent.
The rise in inflation was mostly influenced by the increase in gasoline and housing prices. Just the price of gasoline on a year-over-year comparison displayed an increase of 32.5 per cent in August. If, gas was excluded from the price index, Statistics Canada says annual inflation would have been 3.2 per cent last month.
The statistics agency says the annual cost for homeowner replacements rose at a rate of 14.3 per cent in August. As this relates to the price of new homes, the pace of housing prices had the quickest yearly increase since September 1987. It also signifies the fourth consecutive month of double-digit price growth.
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