The rate of inflation in Canada is on the rise again.
Statistics Canada has released the consumer price index for August which shows inflation climbing back to the four per cent mark, up nearly a full per cent from the July figures.
The price of energy is up across Canada, but Alberta is leading the pack in price growth.
The combined cost of gasoline, natural gas, and electricity is up 13.3 per cent in Alberta. Falling natural gas prices helped limit the rate of energy growth, however electricity prices are up 121.7 per cent on a year over year basis in Alberta.
There is some welcome news for consumers.
The price growth in the grocery aisles has cooled to 6.9 per cent, down from 8.5 per cent in July. Fresh fruit and vegetables costs have remained somewhat flat, but the price of grains and cereal products have jumped by 9.8 per cent year over year.
The Bank of Canada has set a targeted inflation rate of between two and three per cent and have raised interest rates by 1.75 per cent over the past 12 months.
Their next rate announcement is set for October 23rd.
