last month, up from 3.3 per cent in July, and was largely driven by rising gasoline prices.
Although, according to Macdonald, rising interest rates drove down inflation in some areas of the economy, and now those higher rates are actually "driving key parts of the inflation index," particularly in the rental and real estate markets. "Rent is up 6.5 per cent year-over-year," Macdonald says. "This is the highest rent increase we've seen in at least 30 years."
The Bank of Canada has been consistently hiking its benchmark interest rate since March 2022 and Macdonald says it's having a big impact on homeowners with mortgages, particularly those looking to renew or who have a variable rate.
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