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One Accounting

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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