Rising gas, furniture, car prices drive inflation rate to highest since 2003

Rising gas, furniture, car prices drive inflation rate to highest since 2003

Rising gas, furniture, car prices drive inflation rate to highest since 2003 OTTAWA — Prices for furniture, gasoline, food, cars and more leaped higher in August compared with the same month a year earlier as the consumer price index hit a near two-decade high. The rise was driven by the rollback in economic restrictions as well as supply-chain issues, like those for semiconductors that helped drive price growth for autos with new vehicle prices up 7.2 per cent year-over-year in August, for the fastest pace since 1994. Furniture prices, which have been affected by supply chain delays and higher costs for lumber, rose by 8.7 per cent, while prices for household appliances rose 5.3 per cent year-over-year as Canadians continued to spend on their homes where many continue to work. …
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