Inflation slows to 1.1 per cent in August

Statistics Canada says the annual inflation rate slowed to 1.1 per cent in August.

That compared with an increase of 1.3 per cent in July for the consumer price index.

The Bank of Canada's core inflation index rose 1.3 per cent for August compared with 1.4 per cent in July.

Transportation costs rose 1.3% in the 12 months to August, following a 2.7% advance in July. On a year-over-year basis, consumers paid 2.2% more for gasoline in August, after paying 6.1% more in July. In addition, prices for the purchase of passenger vehicles increased 0.6% in the 12 months to August, a smaller rise than in July (+2.0%).

Food prices increased 1.0% in August compared with the same month last year. This followed a 0.8% rise in July. Consumers paid 0.7% more for food purchased from stores in the 12 months to August, led by higher prices for meat (+1.6%). The cost of fresh fruit advanced 4.4% on a year-over-year basis in August, after rising 1.5% in July.

Prices for food purchased from restaurants increased 1.5% year over year in August, matching the increase in the previous month.

The clothing and footwear index rose 2.3% in the 12 months to August, after increasing 1.5% in July. Compared with the same month last year, fewer discounts on clothing items were observed in August.

The health and personal care index decreased 1.4% on a year-over-year basis in August. This followed a 0.4% decline in July. Compared with August last year, consumers paid 4.2% less for prescribed medicines. In addition, the cost of non-prescribed medicines declined on a year-over-year basis in August, after rising in July.

Source: StatsCan

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