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Canadian inflation steady at 3%
Canada's annual inflation rate remained steady at 3% last month, in line with expectations, amid a slowdown in gasoline prices which increased by 22.8% in August compared to the previous year. This coincided with rising costs for travel and rents, while grocery inflation slowed to 2.8% for the first time in two years. At the same time, the Governor of the Bank of Canada warned that rising energy prices due to escalating conflicts could lead to inflation spreading to other sectors, potentially affecting future monetary policy.
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