Canada's inflation rate holds steady at 3% as gasoline price growth slows

Canada's inflation rate held steady at 3% last month, in line with expectations, as the year-over-year increase in gasoline prices slowed. Data released by Statistics Canada on Monday showed that despite continued upward pressure on energy costs from the Middle East conflict, gasoline prices at the pump rose 22.8% in August, down from a 25.7% increase in July. The impact of the slower year-over-year gain in gasoline prices was offset by higher prices for travel tours and rent. On a month-over-month basis, the consumer price index fell 0.1%, also matching the median estimate of economists surveyed by Bloomberg. The Bank of Canada's preferred core inflation measures, CPI median and trim, were also both unchanged, at 2% and 1.9%, respectively. The data show that underlying price pressures remained contained in August, even as the Bank of Canada grows increasingly concerned about inflation risks stemming from the Iran war.