Canada Inflation Hits 18-Year-High with Election Just Days Away

Canada's annual inflation rate accelerated to an 18-year-high in August, driven by broad upward price pressures, data showed on Wednesday, just days before a hotly contested federal election that could see Prime Minister Justin Trudeau's Liberals ousted, Reuters reported. The rate rose to 4.1% in August, its fastest clip since March 2003, Statistics Canada said, beating analyst estimates and prompting Trudeau's main rival to pounce over the rising cost of living. "The numbers released today make it clear that under Justin Trudeau, Canadians are experiencing an affordability crisis," said Erin O'Toole, leader of the main opposition Conservatives, in a statement. The Conservatives have a narrow lead over Trudeau's Liberals at 31.2% to 30.5% just days before the Sept. 20 vote, according to a new Nanos Research poll. The left-leaning New Democrats are in third at 21.4%. The Bank of Canada has said it expects headline inflation to remain above its 1%-3% control range this year, before easing back to the 2% target in 2022. Read more.
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