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GLOBAL: Inflation jumped up to 4% in August thanks to rising gas prices


The annual rate of inflation picked up again in August, rising to four per cent, according to Statistics Canada.

Gas prices pushed inflation higher last month, with costs of regular gasoline up 4.6 per cent from July, the agency said. Prices at the pumps rose year-over-year for the first time in August since January 2023.

Statistics Canada attributed some of the inflation at the pumps to the base-year effect — the impact of unfavourable year-over-year trends — as gas prices rose last month but were decelerating from last summer’s peaks in August 2022.

Economists had expected an increase in inflation thanks largely to the higher gas prices, though the magnitude of the jump beat the consensus estimates ...

 

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