Statistics Canada to report inflation figures for August this morning
OTTAWA — Statistics Canada is set to report fresh inflation figures for August this morning.
Statistics Canada will release August's inflation figures this morning, according to a poll of economists who expect the annual rate to remain at three percent, the same as July, reported LSEG Data & Analytics. RBC economists attribute Canada's inflation to rising energy prices, which have increased by around 23 percent since last year, although there was a slight decrease at gas stations last month compared to earlier this summer.
Crude oil prices have been around US$100 per barrel as the Iran war escalates. The August figures follow the Bank of Canada's decision earlier this month to keep its key interest rate at 2.25 percent. The central bank has maintained this rate in seven consecutive meetings as it attempts to balance the effects of volatile global energy prices and U.S. tariffs on the economy.
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