Inflation Hit 4.1% in August
CBJ – Ideally, the Bank of Canada would like to see the nation’s monthly inflation rate somewhere around the 2% level. In August, it was more than double that 2% targeted figure compared with 2020’s results.
Figures released by Statistics Canada reveal the Consumer Price Index gained 4.1% compared with August, 2020, making it the most substantial comparative monthly increase since 2003.
The notable inflationary increase was due to many economic restrictions being lifted, which in turn helped supply-chain slowdowns to get back on track.
Prices have gone up across most sectors, but it’s been very noticeable with furniture prices and any supply chain requiring lumber, including new home construction.
Gasoline prices rose year-over-year by almost 33% in August due to a drop in production caused by the ongoing pandemic and concerns about the new Delta variant of COVID-19, but also from factors such as Hurricane Ida.