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Canada's inflation rate accelerates in July,
but food prices ease

Inflation Canada

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%.

The grocery prices increased at the slowest pace in more than a year. The key reasons are prices for fresh fruit and to a lesser extent, bakery products, Statscan said.

Services prices increased by 4.3% annually in July, while the price of goods increased by 2.3%.

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