Canadian Inflation Hits 3% Amid US-Iran War Fallout

Canada's inflation rate has reached 3% in July, according to Statistics Canada. This rise is partly attributed to the fallout from the US war on Iran.

The statistics show that gasoline prices surged by 27.5% year-on-year, while higher tourism and World Cup-related costs also contributed to the increase in prices.

Despite reaching the upper end of the Bank of Canada's target range, analysts do not expect a near-term rate hike due to economic risks and trade tensions with the US.