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The biggest contributors to inflation remain mortgage interest costs and rent. Mortgage interests costs grew by 18.8 per cent in August, a slower pace than the year before at 30.9 per cent. If mortgage interest costs were excluded from the consumer price index basket, the inflation rate would be at 1.2 per cent.
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Core inflation measures, which the Bank of Canada prefers to look at when making monetary policy decisions, continued to ease in August. CPI-common came in at two per cent, CPI-median decelerated to 2.3 per cent and CPI-trim sits at 2.4 per cent, all within the central bank’s target range.
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