{"id":5672,"date":"2022-10-07T08:04:57","date_gmt":"2022-10-07T15:04:57","guid":{"rendered":"https:\/\/goldshorecapital.ca\/?p=5672"},"modified":"2022-10-15T05:32:08","modified_gmt":"2022-10-15T12:32:08","slug":"consumer-price-index-august-2022","status":"publish","type":"post","link":"https:\/\/goldshorecapital.ca\/chi\/consumer-price-index-august-2022\/","title":{"rendered":"Consumer Price Index, August 2022"},"content":{"rendered":"

In August, the Consumer Price Index (CPI<\/a>) rose 7.0% on a year-over-year basis, down from a 7.6% gain in July. This was the second consecutive slowdown in the year-over-year price growth and was largely driven by lower gasoline prices in August compared with July.<\/p>\n\n\n\n

Excluding gasoline, prices rose 6.3% year over year in August, following a 6.6% increase in July. This is the first month since June 2021 that the year-over-year CPI<\/a>, excluding gasoline, has slowed.<\/p>\n\n\n\n

On a monthly basis, the CPI<\/a> fell 0.3% in August, the largest monthly decline since the early months of the COVID-19 pandemic. On a seasonally adjusted monthly basis, the CPI<\/a> was up 0.1%, the smallest gain since December 2020.<\/p>\n\n\n\n

Transportation (+10.3%) and shelter (+6.6%) prices drove the deceleration in consumer prices in August. Moderating the slowing in prices were sustained higher prices for groceries, as prices for food purchased from stores (+10.8%) rose at the fastest pace since August 1981 (+11.9%).<\/p>\n\n\n\n

Price growth for goods and services both slowed on a year-over-year basis in August. As non-durable goods (+10.8%) decelerated due to lower prices at the pump, services associated with travel and shelter services contributed the most to the slow down in service prices (+5.5%). Prices for durable goods (+6.0%), such as passenger vehicles and appliances, also grew at a slower rate in August.<\/p>\n\n\n\n

In August, the average hourly wages rose 5.4%<\/a> on a year-over-year basis, meaning that, on average, prices rose faster than wages. Although Canadians experienced a decline in purchasing power, the gap was smaller than in July<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

In August, the Consumer Price Index (CPI) rose 7.0% on a year-over-year basis, down from a 7.6% gain in July. This was the second consecutive slowdown in the year-over-year price growth and was largely driven by lower gasoline prices in August compared with July. Excluding gasoline, prices rose 6.3% year over year in August, following a 6.6% increase in […]<\/p>\n","protected":false},"author":3,"featured_media":5673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[62],"class_list":["post-5672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-cpi"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t