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Canada’s annual inflation rate returned to the central bank’s target, easing to a new three-year low in August. The country’s consumer price index (CPI) climbed 2.0% year-over-year, down from 2.5% in July, according to data released by Statistics Canada on Tuesday. Economists had expected a slight increase of 2.1%, but the lower gasoline prices contributed significantly to the slowdown.
Month-over-month, consumer prices fell 0.2%, defying market expectations of no change for the period. On a seasonally adjusted basis, CPI inched up 0.1% from the previous month. This unexpected decrease in inflationary pressure comes as a relief for the central bank, which has been grappling with higher-than-targeted inflation levels for several months.
At the core level, inflation also showed signs of easing. The average of the Bank of Canada’s preferred inflation measures, which include the trimmed mean and weighted median, advanced 2.35% year-over-year. This marks the lowest core inflation since March 2021, cooling from 2.55% in July.
The deceleration in inflation suggests that the Bank of Canada’s recent rate hikes are taking effect, potentially reducing the need for additional tightening in the near future. However, underlying inflation remains slightly above the central bank’s 2% target, which means further monitoring will be necessary.
Looking ahead, analysts will be closely watching for signs of whether inflation continues to trend downward or if temporary factors, such as fluctuating energy prices, will cause renewed price pressures in the coming months.
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