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StatsCan: Lower Gas Prices = Decreased Inflation in August

Stockhouse Editorial
0 Comments| September 18, 2019

Lower prices at the pump took a bite out of the inflation rate last month, according to Statistics Canada.

The data agency reported on Wednesday that the Consumer Price Index grew 1.9% on a year-over-year basis in August, down from a 2% increase the month before. Mainly due to lower gasoline prices, StatsCan added that excluding pump prices, inflation would have increased 2.4%.


Lower costs for traveller accommodation, as well as internet access services and furniture, held back price growth in August 2019 compared to the same time a year earlier.

Higher costs for airline tickets, auto insurance and mortgage interest led upward pressure on consumer prices, year-over-year.

Inflation has held firm at the Bank of Canada’s 2% target. August was the sixth straight month that price growth was 1.9% or higher.


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