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Sep 14, 2026 1:55 PM - Connect Newsroom - Ramandeep Kaur with files from The Canadian Press

Canada Inflation Holds Steady at 3% in August, Rate Hike Concerns Grow

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According to the report released Monday, gasoline prices rose at a slower pace last month but remained elevated amid the ongoing conflict in Iran. (Photo: The Canadian Press)

Canada’s annual inflation rate remained steady at 3 per cent in August, according to Statistics Canada. However, inflation could rise in September as Brent crude oil prices have surpassed US$100 a barrel, while the full impact of the 50 per cent tariffs imposed by U.S. President Donald Trump and Canada’s retaliatory measures could also be reflected in upcoming inflation data.

According to the report released Monday, gasoline prices rose at a slower pace last month but remained elevated amid the ongoing conflict in Iran.

On a positive note, grocery prices increased at a slower rate than overall inflation for the first time since July 2024. Statistics Canada said grocery prices rose 2.8 per cent year over year in August, down from 3.1 per cent in July.

The upcoming inflation figures will be closely watched as the Bank of Canada has already indicated that it could consider raising interest rates if inflation comes under renewed pressure.

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