Canada’s inflation rate fell to 2% in August, hitting Bank of Canada’s target

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Canada’s inflation rate fell to two per cent in August 2024, Statistics Canada reported on Tuesday, hitting the Bank of Canada’s target.

Slowest pace of growth since February 2021

Jenna Benchetrit · CBC News ·

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(CBC)

Canada’s inflation rate fell to two per cent in August 2024, Statistics Canada reported on Tuesday, finally hitting the Bank of Canada’s set target in its campaign to cool price growth.

Last month’s rate marks the slowest pace of growth since February 2021, mostly due to lower gasoline prices, which are considered volatile. With gasoline excluded, the rate came in at 2.2 per cent.

As has long been the case, mortgage interest and rental costs were the largest contributors to the consumer price index in August, though mortgage interest growth is slowing, the data agency noted.

More to come.

ABOUT THE AUTHOR

Jenna Benchetrit is the senior business writer for CBC News. She writes stories about Canadian economic and consumer issues, and has also recently covered U.S. politics. A Montrealer based in Toronto, Jenna holds a master’s degree in journalism from Toronto Metropolitan University. You can reach her at jenna.benchetrit@cbc.ca.

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