Lower fuel prices dragged down Canada’s annual inflation rate last month.
It hit 1.1 per cent in August, in the lower reaches of the Bank of Canada’s target range-down from 1.3 per cent in July.
Prices were up in most major categories compared with a year earlier, with the cost of electricity, airfare and vehicles contributing the most to the overall inflation rate. However, those gains were offset by year-over-year price drops for gasoline, fuel oil and natural gas.
Alberta’s inflation rate was even lower than the national average at 0.7 unchanged from the previous month.
Calgary’s rate was unchanged at 0.6.