Canada's inflation rate decreased to two per cent in August, Statistics Canada reported on Tuesday, finally hitting the Bank of Canada's target in its long campaign to cool price growth.

Canada’s annual inflation rate was 2.0 per cent in August, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may have fluctuated widely because they are based on small statistical samples (previous month in brackets):

Inflation in Canada fell to the slowest yearly pace since February 2021 and core measures continued to ease, keeping the door open for larger interest rate cuts from the Bank of Canada.