Home Business News Inflation rate spikes to 4.1% in August, highest since 2003

Inflation rate spikes to 4.1% in August, highest since 2003

by prince
Inflation rate spikes to 4.1% in August, highest since 2003

Canada’s consumer price index touched its highest level in almost two decades last month, as the price of just about everything is up sharply compared to the transitory lows of a year ago.

Statistics Canada reported Wednesday that the inflation rate hit 4.1 per cent during the month. That’s up from 3.7 per cent in July, which was already the highest rate in a decade.

Just about every type of good or service was a lot more expensive in August than it was a year earlier, including shelter (up 4.8 per cent), transportation (8.7 per cent) and food (2.7 per cent).

The homeowner replacement cost index — a number the data agency tabulates that factors in all the costs associated with owning a home, including property taxes, maintenance, insurance and mortgage interest costs — rose by 14 per cent in the year up to August. That’s the sharpest jump in that metric since 1987.

More to come.

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