Consumer inflation ticked up to 3% in July, Statistics Canada says
Consumer inflation rose in July as gas prices increased, according to Statistics Canada, with the consumer price index ticking up from June.
Consumer inflation surged to 3% in July, Statistics Canada reported, driven by a rise in gas prices. This marks an increase from June, when the consumer price index rose by more than some economists had anticipated. The average inflation rate for the month reached 3% compared to a year ago, up from 2.8% in June, according to the agency.
Most economists surveyed predicted the annual inflation rate would climb to 2.9% last month, after it had slowed to 2.8% in June, as per LSEG Data & Analytics. Canada's gas prices have been unpredictable due to volatile global oil prices amid the Iran conflict. A tentative ceasefire between the U.S. and Iran helped stabilize oil and gas markets in June, but prices climbed through July after the deal collapsed and fighting resumed.
The Bank of Canada aims to keep consumer inflation within a range of 1-3% to meet its mandate of price stability and economic growth. The bank will next evaluate its interest rate policy on September 2.
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