Inflation likely gained pace in August, economists expect, reversing progress

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Inflation likely gained pace in August, economists expect, reversing progress
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OTTAWA — Economists are forecasting inflation reaccelerated to around four per cent last month, reversing previous progress made as gasoline prices push inflation higher.

Statistics Canada's August consumer price index report set to be released Tuesday is expected to show the annual inflation rate rose for a second month in a row.

"We're expecting that the CPI data will reveal that Canadians' pocketbooks were hit by higher prices, again, largely the result of gasoline prices," Mendes said. "We saw a decline in inflation last year, which means there's going to be some base effects that are going to play out to a higher inflation reading next week," he said.

There are other signs of softening in the Canadian economy as well: the labour market is not longer as tight as it was a year ago as job vacancies fall and the population grows. Although progress on getting inflation down is showing sings of stalling, economists and the Bank of Canada expect that tighter economic conditions caused by higher interest rates will eventually lead to smaller price increases.

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