Canada: Inflation increased at the fastest pace in 18 years in August

Official data showed that the inflation rate in Canada rose during the month of August at the fastest pace in the last 18 years.

The consumer price index increased by 4.1%. Compared to the corresponding period last year This is for the fifth consecutive month.

The Central Bank of Canada aims for an inflation rate of 3%.

In March, Canada officially announced that its economy was at its worst performance ever in 2020, as the Covid-19 pandemic swept the country, shutting down businesses and leaving millions of people unemployed.

Statistics Canada said real GDP shrank 5.4% in 2020, the largest annual decline since comparable data was first recorded in 1961.

The decline is due to the closure of large sectors of the economy in March and April 2020 during the first wave of the pandemic that crushed the economy. Since then, economic activity has grown slowly and steadily.

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