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Inflation rate spikes to 4.1% in August, highest since 2003

Cost of owning and maintaining a home increasing at fastest pace in more than 30 years

The cost of just about everything is going up at a record pace right now, including services such as haircuts.

The cost of just about everything is going up at a record pace right now, including services such as haircuts.

Photo: (Clodagh Kilcoyne/Reuters)

RCI

Canada's consumer price index touched its highest level in almost two decades last month, as the price of just about everything is up sharply compared to the transitory lows of a year ago.

Statistics Canada reported Wednesday that the inflation rate hit 4.1 per cent during the month. That's up from 3.7 per cent in July, which was already the highest rate in a decade.

Just about every type of good or service was a lot more expensive in August than it was a year earlier, including shelter (up 4.8 per cent), transportation (8.7 per cent) and food (2.7 per cent).

The homeowner replacement cost index — a number the data agency tabulates that factors in all the costs associated with owning a home, including property taxes, maintenance, insurance and mortgage interest costs — rose by 14 per cent in the year up to August. That's the sharpest jump in that metric since 1987.

CBC News 

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