Canada’s inflation rate fell to two per cent in August, finally hitting the Bank of Canada’s target after a tumultuous battle with skyrocketing price growth.
Year over year, prices at the pump fell 5.1 per cent in August following a 1.9 increase in July.
Despite slowing price growth, mortgage interest cost has remained the largest contributor to the all-items increase since December 2022. Excluding mortgage interest cost, the CPI rose 1.2 per cent year over year in August 2024.
Year over year, clothing and footwear prices fell for an eighth consecutive month, down 4.4 per cent in August following a 2.7 decline in July.
On a year-over-year basis, consumers paid 2.4 per cent more for food purchased from stores in August after a 2.1 increase in July.
Inflation in Newfoundland and Labrador rose by 1.3 per cent in August.