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Canada's inflation rate was likely the fastest since 2003 in August on gasoline and housing according to an MNI economist consensus, quickening to 3.9% from July's 3.7% in a report due Wednesday at 830EST.
The result would be a fourth straight month of CPI gains above the Bank of Canada's 1%-3% target range, and raise questions about Governor Tiff Macklem's view it's mostly a temporary spike compared with weakness following last year's Covid downturn. "Inflation is a key reason to expect the BoC to press ahead with another tapering move in October," Jimmy Jean of Desjardins wrote in a research note. The gains go beyond a narrow range of items-- in July the average of the BOC's three core measures was the fastest since 2009 at 2.5%, Statistics Canada reported.