Canada’s inflation rate jumped up again last month and higher gas prices played a huge part.
Statistics Canada announced that Canada’s annual inflation rate rose to 4% last month, an increase from the 3.3%% in July.
Inflation increased largely due to the higher year-over-year prices for gasoline in August (+0.8%) compared with July (-12.9%).
“On a monthly basis, gasoline prices rose 4.6%, also contributing to the year-over-year increase in August 2023,” reads the report.
Oil prices aren’t the only factor driving up inflation.
Shelter prices were up 6.0% on a year-over-year basis in August after July saw an increase of 5.1%. As for the rent index, it increased by 6.5% year over year after a 5.5% gain in July as Canadians continue to deal with higher interest rates.
For the full report, click here.