Driven by gas, shelter and food, inflation is on the rise again in Canada.
Basically, all the essential elements of the Canadian lifestyle are costing more.
“Faster growth in shelter prices was led by the rent index, which rose 6.5% year over year nationally, after a 5.5% gain in July. Among other factors, a higher interest rate environment, which may create barriers to homeownership, put upward pressure on the index,” StatsCan said.Article content Mortgage costs were also up — the rapid rise in the Bank of Canada’s interest rate means borrowing costs for a home are up 30% compared to the same period last year.
While gas prices were up 0.8% and blamed for the rise in core inflation, StatsCan said that the inflation rate without gas stood at 4.1%.
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