Canada’s annual inflation rate dips

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Ottawa, Sep 21 (Canadian-Media): Statistics Canada data indicated that Canada’s annual inflation rate has dipped to 2.8 percent in August from 3.0 percent in July, media reports said.

Statistics Canada, reportedly formed in 1971 and headquartered in Ottawa, provides statistical information to Canada such its population, resources, economy, society, and culture to help Canadians better understand Canada. 

Bank Of Canada. Image credit: Twitter handle

Statistics Canada ​ has reported that it is for the seventh consecutive month that Canada has exceeded the Bank of Canada’s 2.0-per-cent target.

All of the central bank’s core inflation measures were 2.0 per cent or higher, for the first time since February 2012.

Last month's step back was largely due to more-moderate expansion in gasoline prices, Statistics Canada said Friday as it released its latest consumer price index.

The Bank of Canada has raised interest rates four times since July 2017.

According to the  overnight index swaps market indications, chances of another hike in October rose to nearly 90 percent from 85 percent before the data.

(Reporting by Asha Bajaj)