Canada's inflation rate accelerates in July,
but food prices ease
According to data released on Tuesday by Statistics Canada, Canada’s annual inflation rate jumped more than expected to 3.3% in July, while core inflation measures remained mostly unchanged. Grocery prices rose at the slowest pace since February 2022.
Inflation was expected by analysts surveyed by Reuters to increase to 3.0% from the 27-month low of 2.8% recorded in June. The consumer price index increased by 0.6% month on month, above the forecasted increase of 0.3%.
Services prices increased by 4.3% annually in July, while the price of goods increased by 2.3%.