Canada Inflation August 2022

Canada

Canada: Inflation falls in August

September 20, 2022

Inflation fell from 7.6% in July to 7.0% in August. The deceleration was driven by weaker price pressures for housing and transport.

Meanwhile, core inflation dipped from 6.1% in July to 5.8% in August.

Finally, consumer prices increased 0.06% in August over the previous month, coming in below July's 0.13% rise.

Analysts at Desjardins commented:

“With today’s below-consensus print for price growth, the big question is what’s next for the Bank of Canada. We think they’re going to hold the hawkish line in the upcoming speech by Deputy Governor Paul Beaudry, and that a 50bp rate hike in October is in the most likely scenario. What happens after that is more uncertain.”

FocusEconomics analysts project inflation to average 6.9% in 2022, which is up 0.2 percentage points from last month’s forecast. In 2023, our panel sees inflation averaging 3.4%.


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