Canadian Inflation Accelerates to 3.0% Year Over Year
The Consumer Price Index (CPI) in Canada rose to 3.0% year over year in July, following a 2.8% gain in June, according to Statistics Canada.
Higher prices for gasoline and travel tours contributed to the acceleration in the headline CPI, while a deceleration in the food purchased from stores index moderated the faster price growth.
The all-items CPI excluding gasoline rose 2.2% for the third consecutive month, said the federal agency.
Gasoline prices grew at a faster rate in July (+25.7%) compared to June (+20.5%), with the conflict in the Middle East putting upward pressure on prices.
Average air transportation prices rose 12.0% year over year in July, driven by higher jet fuel costs and more expensive hotels and flights to US destination cities due to the World Cup hosting.