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MNI BRIEF: Canada Aug Inflation Slows More Than Forecast to 7%

(MNI) OTTAWA

Canada's inflation rate slowed more than economists predicted in August as gasoline prices moderated while core prices slowed as higher interest rates hit the housing market, rare good news for a central bank predicting CPI will remain above target until the end of 2024.

The consumer price index advanced 7% in August from a year earlier, slowing from 7.6% in July and June's four-decade high of 8.1%. Economists predicted a 7.2% pace. Prices also declined 0.3% on a one-month basis, Statistics Canada said Tuesday, more than the expected 0.1% fall and the biggest decline since early in the Covid pandemic. 

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Canada's inflation rate slowed more than economists predicted in August as gasoline prices moderated while core prices slowed as higher interest rates hit the housing market, rare good news for a central bank predicting CPI will remain above target until the end of 2024.

The consumer price index advanced 7% in August from a year earlier, slowing from 7.6% in July and June's four-decade high of 8.1%. Economists predicted a 7.2% pace. Prices also declined 0.3% on a one-month basis, Statistics Canada said Tuesday, more than the expected 0.1% fall and the biggest decline since early in the Covid pandemic. 

Keep reading...Show less