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Canada's inflation rate was the fastest since 2003 last month, led by gasoline and housing costs and above the central bank's target range for a fifth month, pressuring the view that price pressures are mostly temporary.
The CPI advanced 4.1%, Statistics Canada reported Wednesday, faster than an economist consensus of 3.9% and the July figure of 3.7%. Gasoline prices jumped 33% in part because of the comparison to last year's weakness, homeowner replacement costs rose the most since 1987 at 14%, automobiles by 7.2% and restaurant food by 3.2%.
The Bank of Canada has said most of the inflation pressure is temporary and slack in the economy will bring things back towards its 2% target. Governor Tiff Macklem has also been ahead of G7 peers in pulling back QE and saying he could raise interest rates in the second half of next year. Prices also rose 0.2% on a monthly basis versus the 0.1% economist consensus, and the average of the BOC's three core measures was 2.6%, pushing further past July's 2.5% that was the highest since 2009.