Statistics Canada says the consumer price index in August rose 4.1 per cent when compared to a year ago and is one of the largest year-over-year inflation increases since March of 2003.
The biggest cause of the leap is a result of higher gasoline and housing prices when compared to August of 2020.
Gas prices rose by 32.5 per cent on a year-over-year basis with housing rising an at annual rate of 14.3 per cent in August.
The housing prices increase is the fastest yearly increase since 1987 which marked the fourth month in a row of a double digit price increase.
