Canada's inflation rate has finally hit 2% in August 2024, achieving the Bank of Canada's target after a prolonged effort to control price growth.
The decline in inflation is primarily attributed to lower gasoline prices, which are often volatile, demonstrating the impact of external factors on the consumer price index.
Mortgage interest and rental costs remain significant contributors to the consumer price index, though the growth in mortgage interest costs is beginning to slow.
The August rate marks the lowest pace of inflation since February 2021, illustrating a significant improvement in price stability over recent months.
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