Inflation edged higher in August as shelter costs jumped

Canadian inflation was 1.4% year-over-year in August, building from a 1.2% increase in July.

Statistics Canada says that 6 of the 8 major components of the Consumer Price Index were higher last month, led by transportation and shelter contributing most.

Gasoline prices and air travel led the gains for transportation which were up 2.8% overall.

The shelter sector rose 1.3%, the same as in July, with homeowners’ replacement costs rising the most (4.2% in the 12 months to August).

Among the provincial gains, Saskatchewan’s consumers were affected by PST being added to insurance services, with the homeowners’ home and mortgage insurance index rising 6.3%.

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