Canada’s Inflation Rate Hits 2% Target, Reaches Lowest Level in More Than Three Years

Canada’s inflation rate fell to two percent last month, finally hitting the Bank of Canada’s target after a tumultuous battle with skyrocketing price growth. The annual inflation rate fell from 2.5 percent in July to reach the lowest level since February 2021. Statistics Canada’s consumer price index report on Tuesday attributed the slowdown in part to lower gasoline prices. Clothing and footwear prices also decreased on a month-over-month basis, marking the first decline in the month of August since 1971 as retailers offered larger discounts to entice shoppers amid slowing demand. The Bank of Canada’s preferred core measures of inflation, which strip out volatility in prices, also edged down in August....