Canadian inflation stable at 3% in August

by Alimat Aliyeva

The Canadian consumer price index (CPI) rose by 3% in August year-on-year, according to a report by Statistics Canada released on Monday.

The figure was unchanged from the annual inflation rate in July. Month-over-month, the CPI fell by 0.1%.

Gasoline prices contributed to the inflation rate, rising by 22.8% on a yearly basis, although the increase was smaller than the 25.7% recorded in July. "Despite the year-over-year slowdown, prices for gasoline remained elevated, as the conflict in the Middle East continued in August," the report said.