Saskatchewan’s inflation rate dipped below the national average in August.

Statistics Canada’s Consumer Price Index cooled across the country last month, with the national inflation rate sitting at 7.0 per cent year over year, dropping from 7.6 per cent in July.

Saskatchewan’s inflation rate for August was 6.8 per cent – down from 8.1 per cent last month.

That mark places the province with the third lowest inflation rate for August, ahead of only Newfoundland and Labrador (6.4 per cent) and Alberta (6.0 per cent).

Prince Edward Island (8.3 per cent) and Manitoba (8.0 per cent) lead the country in change since August 2021.

Statistics Canada said this is the second consecutive slowdown for year-over-year price growth at the national level. The decline was largely driven by lower gas prices in August.

Saskatchewan and Alberta saw the greatest decline in gas prices on a monthly basis in August, each down 17 per cent from July. The declining prices coincided with lower retailer margins, Statistics Canada said.

Nationally, gas prices were down 9.6 per cent on a monthly basis, following a decline of 9.2 per cent in July.

StatsCan said the decline in August stemmed from high global production from oil companies.