Economy

Canada annual inflation picks up in Aug on gasoline prices

Canada annual inflation picks up in Aug on gasoline prices”

Canadian consumer prices continued to show some signs of pick up last month, Statistics Canada said Friday in a report that could bolster policy makers' confidence inflation is trending higher from extremely low levels.

The August reading brought inflation closer to the Bank of Canada's ideal target of two per cent and supported the central bank's predictions that recent softness was mostly temporary.

Two out of three of the Bank of Canada's core inflation measures also increased, with CPI common rising to 1.5 percent and CPI trim at 1.4 percent.

Motivated by a stronger-than-expected economy, the inflation-targeting bank has raised its benchmark interest rate twice since July and many analysts expect it to continue along its hiking path over the next year. Service price inflation has been at or above the central bank's 2 percent target for 10 months, and posted a 2.2 percent gain in August.

A 2.8 percent annual increase in transportation costs was among the biggest drivers of total inflation as gasoline prices jumped, while air transportation was also more expensive.

The overall inflation rate increased in every province except Manitoba, where it was unchanged at 0.9 per cent.



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