Statistics Canada to report how rebounding gas prices affected inflation in July

OTTAWA - Statistics Canada is set to report fresh inflation figures for July this morning. The annual subscription costs $205.00 plus GST for one year, with automatic renewal at $233.00 plus GST every 52 weeks, offering a 10% discount off the regular annual price of $259.35. The offer is available to new and qualified returning subscribers, with the option to cancel at any time.

A poll of economists anticipates the annual rate of inflation to have increased to 2.9 percent last month, following a significant slowdown to 2.8 percent in June, according to LSEG Data & Analytics. Canadian drivers experienced relief at gas stations in June as peace talks in the Iran war helped lower global oil prices. However, experts suggest that efforts to control inflation may have stalled last month as renewed hostilities in the Middle East led to higher gas prices again.

The July inflation figures will serve as the Bank of Canada's final assessment of price data before its next interest rate decision on September 2. The central bank has held its policy rate at 2.25 percent in six consecutive decisions as it endeavors to strike a balance between volatile global energy prices and U.S. tariffs impeding the economy.