From Global News.

Annual inflation cooled sharply to two per cent in August, according to Statistics Canada, marking a major milestone in the Bank of Canada’s efforts to tame price pressures.

That’s half a percentage point lower than the 2.5 per cent annual rate recorded in July and continues a general cooling trend through 2024. The last time inflation was at or below two per cent was in early 2021.

Statistics Canada pointed to cheaper prices on gasoline as driving down the headline inflation figure in August. Without the drop in gas prices, annual inflation would’ve been 2.2 per cent in August, StatCan said.

Global’s Touria Izri looks at what helped cool inflation, and the interest rates that economists are calling for.

For more info, please go to https://globalnews.ca/news/10759601/canada-inflation-august-2024/

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