Canada’s inflation rate reached 4.1% in August. This is its highest point in nearly two decades since 2003.
The inflation rate reached an all-time high as the consumer price index in August rose 4.1 per cent compared with a year ago.
The annual pace grew from the 3.7 per cent registered in July and marked the largest year-over-year inflation increase since March 2003.
The high inflation was driven by the rollback in economic restrictions. This has pushed Canada’s Inflation Rate to 4.1% in August is the highest since 2003.
They helped drive price growth for autos with new vehicle prices up 7.2 per cent year-over-year in August, for the fastest pace since 1994.
Furniture prices, which have been affected by supply chain delays and higher costs for lumber, rose by 8.7 per cent.
Statistics Canada said price comparisons to the lows seen a year earlier now account for a smaller portion of the inflammatory picture.