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Canada's CPI back to 2 pct inflation target in August
By Xinhua Published: Sep 18, 2024 09:52 AM
A customer shops for pastry at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)

A customer shops for pastry at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)


 
Customers shop at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)

Customers shop at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)


 
Customers shop at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)

Customers shop at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)


 
Customers shop for groceries at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)

Customers shop for groceries at a market in Toronto, Canada, on Sept. 17, 2024. Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday. (Photo: Xinhua)


Canada's Consumer Price Index (CPI) rose 2 percent on a year-over-year basis in August, back to the inflation target set by the Bank of Canada, Statistics Canada said Tuesday.

The CPI growth was at the slowest pace since February 2021, and down from a 2.5 percent gain in July 2024, the national statistical agency said.

The deceleration in headline inflation in August was due, in part, to lower prices for gasoline, with a combination of lower prices and a base-year effect. Excluding gasoline, the CPI rose 2.2 percent in August, down from 2.5 percent in July.

Mortgage interest cost and rent remained the largest contributors to the increase in the CPI in August, the agency said.

On a monthly basis, the CPI fell 0.2 percent in August, after a 0.4 percent increase in July. The monthly decline was led by lower prices for air transportation, gasoline, clothing and footwear and travel tours. On a seasonally adjusted monthly basis, the CPI rose 0.1 percent in August, Statistics Canada said.