Inflation cools in August

Canada’s inflation rate fell to seven percent in August, according to new StatCan data. Economists were projecting a rate of 7.3 percent after the 40-year high of 8.1 percent earlier this summer. Falling gas prices fuelled the steeper-than-anticipated decline. Food prices by contrast continued to mount, with grocery bills rising by a total of 10.8 percent over the past year. The actual price of goods, called core inflation, continues to stay high.