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

Statistics Canada is scheduled to release updated inflation data for July this morning, with economists forecasting the annual rate to rise to 2.9 per cent, up from the 2.8 per cent seen in June, according to LSEG Data & Analytics. In June, Canadian motorists enjoyed savings at the gas stations as peace negotiations in Iran helped stabilize oil prices.

However, experts anticipate that progress in curbing inflation may have stalled last month following renewed Middle Eastern conflicts that have driven gas prices back up. The July figures will serve as the Bank of Canada's final glimpse at price trends before its next rate-setting meeting on September 2. The central bank has kept its policy rate unchanged at 2.25 per cent for six consecutive meetings, as it strives to strike a balance between fluctuating global energy costs and the impact of U.S. tariffs on the economy. This report by The Canadian Press was originally published on August 17, 2026.