This was the second consecutive monthly slowdown in the year-over-year price growth and was largely driven by lower gasoline prices in August compared with July, the national statistical agency said, adding that excluding gasoline, prices rose 6.3 percent year over year in August, following a 6.6 percent increase in July.
On a monthly basis, the CPI fell 0.3 percent in August, the largest monthly decline since the early months of the COVID-19 pandemic. On a seasonally adjusted monthly basis, the CPI was up 0.1 percent, the smallest gain since December 2020, the agency said.
According to the agency, price growth for goods and services both slowed on a year-over-year basis in August. As non-durable goods decelerated due to lower prices at the pump, services associated with travel and shelter services contributed the most to the slow down in service prices. Prices for durable goods, such as passenger vehicles and appliances, also grew at a slower rate in August.
In August, the average hourly wages rose 5.4 percent on a year-over-year basis, meaning that, on average, prices rose faster than wages. Although Canadians experienced a decline in purchasing power, the gap was smaller than in July, Statistics Canada said.
Latest comments