The Consumer Price Index (CPI) in Alberta rose by 4.7% on a year-over-year basis in August compared to 4.1% nationally.
Excluding gasoline, the CPI in Alberta increased by 3.6%. Gasoline prices were 39.8% higher than in August 2020.
The Bank of Canada’s target range for inflation is 1% to 3%. August was the fourth month this year that the CPI was above the upper end of the range.
Prices rose in 6 of the eight major components of the CPI. The exceptions were clothing and footwear, which contracted by 1.2%, and household operations, furnishings and equipment, which contracted by 0.2% (mostly due to lower prices for cell phone services).
Food prices increased by 3.5% in August. Meat prices rose by 9.8% while the cost of vegetables fell by 3.8%.
At 4.9%, the inflation rate was higher in Calgary than in Edmonton where it was 4.4%.
Answer to the previous trivia question: There have been 43 federal elections held since 1867. Today’s trivia question (the fifth of a special non-partisan federal election series): Which Prime Minister holds the record for the shortest amount of time in the position?
The Future Of Podcast
Check out the latest episodes of ATB's podcast, The Future Of, hosted by Chief Economist Todd Hirsch. Subscribe and listen on your favorite podcasting app.
We like to keep you up to date with products, services, special offers, news or events we think you’ll find helpful. You can learn more about your anti-spam preferences and unsubscribe at any time if you no longer want to receive promotional emails from ATB.
