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.
In July, the overall cost of goods and services in Canada, as measured by the consumer price index, increased by 3% compared to the same period last year, according to Statistics Canada. This rise came as gasoline prices climbed, with the monthly rate of inflation up from 2.8% in June to 3%, exceeding some economic forecasts. Most economists surveyed anticipated that annual inflation would climb to 2.9% in July after dropping to 2.8% in June, following a sharp slowdown due to calmer oil markets following a tentative ceasefire between the U.S. and Iran.
However, escalating hostilities again drove up oil and gas costs in July. The Bank of Canada aims to keep inflation between 1% and 3% to preserve price stability and foster economic growth. The central bank will review its key interest rate decision on September 2.
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