Canada's Inflation Rate Expected to Rebound in July

Statistics Canada will release its inflation figures for July today, and economists expect that the annual rate of inflation ticked up to 2.9 per cent last month after cooling sharply to 2.8 per cent in June.

The Canadian economy had some relief at the gas pumps in June due to peace talks in the Iran war, which helped reined in global oil prices.

However, economists say that progress taming inflation likely reversed course last month as renewed hostilities in the Middle East sent gas prices higher again.

The July inflation figures will mark the Bank of Canada's last look at price data before its next interest rate decision on September 2.