OTTAWA – Statistics Canada will say this morning what studying the patron value index registered for August.
The nation’s headline inflation barometer clocked in at 3.7 per cent in July, which was the very best year-over-year enhance since Could 2011 as value development accelerated from June.
A part of the elevated inflation studying for July was as a result of costs are being in comparison with the lows seen one 12 months in the past throughout the early months of the pandemic, notably gasoline and meals.
BMO’s Benjamin Reitzes says though August is seasonally a weak month for the patron value index, that will not maintain true this 12 months as he expects an annual inflation charge of 4.1 per cent within the month.
In a observe, he says rising restaurant costs might push up meals costs that are inclined to dip in August and early fall.
He additionally says the annual inflation charge may very well be pushed up in August by scorching housing costs.
This report by The Canadian Press was first printed Sept. 15, 2021.