Lates News

Data shows that Canada's annual inflation rate remained at 3% in August, unchanged from the previous month, as persistently firm crude oil prices affected gasoline costs, while food prices only eased modestly. Given that benchmark Brent crude prices broke through $100 per barrel this month, and that U.S. President Trump's newly imposed 50% tariffs and Canada's retaliatory measures will affect costs throughout the month, next month's consumer price index data may strengthen further. According to the report, gasoline prices edged down in August but were still up 22.8% year-on-year, slowing from a 25.7% increase in July. Since July, food prices had been rising faster than overall inflation, but food prices eased slightly in August, with a year-on-year increase of 2.8%. This is the first time in 14 months that food prices have fallen below the 3% level. Last month, the Bank of Canada said it would not hesitate to raise interest rates multiple times if inflation remains persistently high and affects the closely watched core indicators.