Statistics Canada said Tuesday that inflation edged down to 1.7 per cent from 1.8 per cent in July, when the new harmonized sales tax caused a spike in prices in Ontario and British Columbia.
On a monthly basis, prices fell 0.1 percentage points from July.
“Overall inflation continues to track on the soft side, leaving room for the Bank of Canada to take a pause on rate hikes for a while,” Avery Shenfeld, chief economist at CIBC World Markets, wrote in a research note.
“If as we expect, the upcoming employment report is also unimpressive, the Bank of Canada will take a pass on a hike in October.”
Source: TheStar.com
Madhavi Acharya-Tom Yew, Business Reporter
Published On Tue Sep 21 2010
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