What Canadians Are Spending More On, and Less On, Compared With Last Year

Canada’s consumer price index (CPI) rose just 2 percent from August 2023 to August 2024, the slowest increase in overall prices Canadians have seen in over three years, says Statistics Canada. Lower gasoline prices are partly responsible for the deceleration in inflation, StatCan said in a Sept. 17 release. Canadians are still facing high mortgage interest costs and rental prices, which keep the CPI high, the release said. On a month-to-month basis, the CPI dropped by 0.2 percent in August after a 0.4 percent increase in July. Consumers saw lower prices for items such as airfare, clothing, footwear, and travel tours, StatCan said. Not including the rise in mortgage interest, the CPI increased 1.2 percent year-over-year, according to the release....