Inflation rate rose to 3% in July as gas prices climbed again
The increase comes after a slight dip in overall inflation in June.
Increase comes after slight dip in overall inflation in June
CBC News
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Canada's inflation rate rose to three per cent in July, as renewed hostilities in the Middle East sent prices at the gas pumps back up again.
According to new Statistics Canada data, the price of gas grew more quickly in July, at 25.7 per cent on a yearly basis, compared to June, when gas prices grew at a rate of 20.5 per cent.
The blockade in the Strait of Hormuz and partial closure of shipping routes in the Red Sea were to blame for the pressure on energy prices, the data agency said.
Economists polled ahead of the release expected the annual rate of inflation to tick up to 2.9 per cent last month, after cooling to 2.8 per cent in June, according to LSEG Data & Analytics.
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