Statistics Canada’s consumer price index rose to 4.1 per cent in August, the highest level since March 2003, local time. In July, the index was 3.7 per cent.
According to the Bureau of Statistics report, the rise in the price of consumer durables has been a major factor in the rise in the consumer price index since the outbreak of the coronavirus.
Consumer durables prices rose 5.7 per cent in August and 5 per cent in July. Among them, the price of motor vehicles rose by 7.2%, the price of furniture by 8.7% and the price of household appliances by 5.3%.
Of all the price increases, petrol prices, house prices and travel expenses were the biggest drivers of price increases. Gasoline prices rose 32.5 per cent year-on-year in August, while the index of replacement costs related to new home prices rose 14.3 per cent year-on-year in August.
Not only was it the biggest year-on-year gain since September 1987, but it was also the fourth consecutive month of double-digit gains.
Travel accommodation prices rose 19.3 per cent year-on-year in August, with travel restrictions lifted in all provinces of the country showing an accelerated rise in travel accommodation costs.