Canada’s Inflation Rate Jumps to 4%, Making the BoC’s Next Rate Decision Harder

The Bank of Canada wording on a Canadian $50 bill is pictured in Ottawa on Jan. 11, 2023. Canada's central bank kept its overnight rate target at 5 percent on March 6, 2024. The Canadian Press/Sean Kilpatrick

Canada’s inflation rate jumped to four percent last month, as economists warn the latest consumer price index report spells bad news for the Bank of Canada.

Statistics Canada released its latest inflation reading on Tuesday, which shows the annual rate rose from 3.3 percent in July, marking the second consecutive month inflation has risen.