Investing.com – Core consumer price inflation in Canada rose more-than-expected in August, as a result of higher prices for gasoline and food products, official data showed on Wednesday.
In a report, Statistics Canada said that its core consumer price index, which excludes the 8 most volatile items, rose by 0.4% in August, after advancing by 0.2% in July.
Analysts had expected core CPI to rise by 0.2% in August.
Core CPI rose at an annualized rate of 1.9% in August, outperforming expectations for a 1.6% gain.
Consumer price inflation including more volatile food and energy costs rose 0.3% in August, above expectations for a 0.1% gains, after rising by 0.2% in the previous month.
Year-on-year, CPI rose at an annualized rate of 3.1% in August, beating analysts’ expectations for a 2.9% increase.
The increase in May was primarily a result of higher gasoline prices.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.23% to trade at 0.9949.
In a report, Statistics Canada said that its core consumer price index, which excludes the 8 most volatile items, rose by 0.4% in August, after advancing by 0.2% in July.
Analysts had expected core CPI to rise by 0.2% in August.
Core CPI rose at an annualized rate of 1.9% in August, outperforming expectations for a 1.6% gain.
Consumer price inflation including more volatile food and energy costs rose 0.3% in August, above expectations for a 0.1% gains, after rising by 0.2% in the previous month.
Year-on-year, CPI rose at an annualized rate of 3.1% in August, beating analysts’ expectations for a 2.9% increase.
The increase in May was primarily a result of higher gasoline prices.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.23% to trade at 0.9949.