Inflation rate cools to 2 percent

The rate of inflation was down to 2.0 percent last month Statistics Canada announced. This is the slowest increase since February 2021, and is down from a 2.5 percent gain in July 2024.

The deceleration was due, in part, to lower prices for gasoline, due to a combination of lower prices and a base-year effect. Excluding gasoline, the CPI rose 2.2 percent in August, down from 2.5 percent in July.

Mortgage interest cost and rent remained the largest contributors to the increase in the inflation in August.