Canada Inflation Rate Edges Up to 3.03%

Canada's annual inflation rate edged up to 3.034% in August from 3.032% in July, the second consecutive month above 3%. The August reading was more than a percentage point above the 1.85% recorded a year earlier and followed a low of 1.78% in February. Inflation peaked at 3.23% in May before easing to 2.80% in June and then rebounding to around 3.0% in July and August. The current level remains far below the all-time high of 21.6% in June 1920 and above the all-time low of -17.8% in July 1921, according to the International Monetary Fund.