Canada’s inflation rate reaches four per cent in August: StatCan

Grocery prices are also rising at a slower annual pace, rising 6.9 per cent from a year ago compared with a reading of 8.5 per cent last month.

Meanwhile, grocery prices fell by 0.4 per cent between July and August.

Higher grocery prices have been a major pain point for Canadian families, particularly those with lower incomes who spend a larger share of their earnings on food.

Industry Minister Francois-Philippe Champagne met with the top executives of Canada’s major grocery chains on Monday to discuss measures to stabilize prices.

After the meeting, Champagne said the grocers agreed to work with the federal government, but few details were provided on how prices could be stabilized.

Meanwhile, the Bank of Canada will be paying close attention to Tuesday’s inflation figures.

Earlier this month, it decided to hold its key interest rate steady earlier this month as the economy slows.

But the central bank said it expects inflation to remain stubbornly high and to even rise in the short-term.

Tuesday’s report shows the Bank of Canada’s preferred measures of inflation which strip out volatility accelerated last month.

Inflation rates by province (previous month in brackets)

Newfoundland and Labrador: 3.8 per cent (2.5)

Prince Edward Island: 3.5 per cent (2.1)

Nova Scotia: 4.7 per cent (3.4)

New Brunswick: 3.5 per cent (2.9)

Quebec: 4.6 per cent (3.9)

Ontario: 3.8 per cent (3.2)

Manitoba: 3.2 per cent (2.6)

Saskatchewan: 4.4 per cent (3.0)

Alberta: 4.3 per cent (2.9)

British Columbia: 3.8 per cent (3.0)

This report by The Canadian Press was first published Sept. 19, 2023.

The Canadian Press

by Canadian Press

Canada’s inflation rate reaches four per cent in August: StatCan

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