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Canada Inflation August 2023

Canada: Inflation increases in August

Inflation came in at 4.0% in August, which was up from July’s 3.3% and beat market expectations. Looking at the details of the release, prices for housing rose at a quicker pace in August, and prices for transportation rebounded. However, food price growth softened.

Annual average inflation ticked down to 5.0% in August (July: 5.2%). Meanwhile, core inflation ticked up to 3.3% in August, from July’s 3.2%.

Finally, consumer prices rose 0.38% over the previous month in August, below the 0.57% rise recorded in July.

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