Inflation rose faster than expected in August.

Statistics Canada says the Consumer Price Index (CPI) rose 4.1 per cent on a year-over-year basis in August, more than the 3.9 per cent that was expected.

It’s also the fastest pace since March 2003 and up from 3.7 per cent in July.

Prices rose in seven of the eight major components.

Getting around was particularly costly. Gasoline prices were up 32.5 per cent compared to the previous year due to lower production than pre-pandemic. As restrictions eased and people started taking more trips, the traveller accommodation price index rose 19.3 per cent…read more.