Statistics Canada to report inflation figures for August this morning

Statistics Canada is scheduled to release new inflation data for August this morning. The annual subscription to their services costs $205.00 + GST for one year, with automatic renewal at $233.00 + GST every 52 weeks, offering a 10% discount off the regular annual price of $259.35. The offer is available to both new and returning subscribers, with the option to cancel at any time.

Economists polled anticipate the annual inflation rate to remain steady at 3% for the month of August, maintaining the same level as July, as reported by LSEG Data & Analytics. RBC economists attribute the recent inflationary pressures to a significant increase in energy prices, which have climbed approximately 23% compared to the previous year.

However, there was a slight reduction in fuel prices last month compared to earlier this summer, with crude oil prices currently hovering around US$100 per barrel due to tensions escalating in the Iran conflict.