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Inflation rate hits 4.1% in August, highest since 2003, according to StatCan

OTTAWA – According to Statistics Canada, the consumer price index in August was up 4.1 percent from a year ago, the largest year-over-year increase since March 2003.

The jump from a 3.7 percent gain in July.

Rising gasoline and housing prices were largely responsible for the increase from the same month a year ago.

If we exclude gasoline prices which increased year-over-year by 32.5% in August, Statistics Canada indicates that the annual inflation rate would have been 3.2% last month .

The statistics agency also says homeowner replacement costs, which are tied to the price of new homes, increased at an annual rate of 14.3 percent in August.

The pace of house prices was the fastest annual increase since September 1987 and marked the fourth consecutive month of double-digit price growth.

This report by The Canadian Press was first published on September 15, 2021


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