Statistics Canada reports largest year-over-year inflation increase since March 2003
Statistics Canada says the consumer price index in August rose 4.1 per cent compared with a year ago, the largest year-over-year inflation increase since March 2003.
The jump compared with a gain of 3.7 per cent in July.
Fuelling much of the rise was higher gasoline and housing prices compared with the same month one year ago.
Excluding gasoline prices that rose year-over-year by 32.5 per cent in August, Statistics Canada says the annual inflation figure would have been 3.2 per cent last month.
The statistics agency also says homeowner replacement costs, which is related to the price of new homes, rose at an annual rate of 14.3 per cent in August.
The pace of housing prices was the fastest yearly increase since September 1987 and marked the fourth consecutive month of double-digit price growth.