The annual rate of inflation picked up again in August, rising to four per cent, according to Statistics Canada.
Economists had largely expected the increase, as gasoline prices pushed inflation higher.
August’s consumer price index figures mark the second consecutive month inflation has accelerated in Canada.
Canada’s annual inflation rate fell to 2.8 per cent on an annualized basis in June, entering the Bank of Canada’s target range of one to three per cent for the first time since March 2021. However, the pace picked up in July to 3.3 per cent.
The Bank of Canada kept its key interest target on hold at five per cent earlier this month, but noted it was ready to raise rates if needed.
Bank of Canada deputy governor Sharon Kozicki is expected to deliver a speech at the University of Regina this afternoon.
— with files from The Canadian Press
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