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Canada's inflation steady at 3%
The annual inflation rate in Canada remained at 3% last month, in line with expectations, due to a slowdown in gasoline prices, which increased by 22.8% in August compared to the previous year. Meanwhile, pressure on core prices persisted despite stable rates, with travel expenses rising by 26.1% and rents increasing by 2.8%. Conversely, grocery inflation fell to 2.8% for the first time in two years, as the Bank of Canada continues to monitor the ongoing rise in oil prices to determine its monetary policy approach.
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