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The Consumer Price Index (CPI) rose 1.9% on a year-over-year basis in August, up from a 1.7% increase in July, according to a Statistics Canada report.
Prices for gasoline led the slowdown in the all-items CPI, falling 16.1% year over year in July, following a 13.4% decline in June, said Statistics Canada.
Prices for food purchased from stores have been increasing at a faster rate than the all-items CPI for three consecutive months, says Statistics Canada.
Jeff Doucette says inflation is significantly impacting back-to-school shopping for families, with 73% of consumers reporting harder hits this year, leading to budget-conscious decisions like reusing items, seeking value at stores like Walmart and Dollarama, and prioritizing cost over sustainability.