Canadian Inflation Rate Hits 3% Amid Rising Gas Prices

Canada's inflation rate accelerated to 3% in July due to rising gas prices. The increase is attributed to fresh conflict in the Gulf region, which pushed global gas prices higher.

The Bank of Canada will consider this data before its next interest rate decision on September 2nd.

Consumers are also paying more for airfares and travel tours due to the energy shock making jet fuel more expensive. The FIFA World Cup drove up demand for US destinations, further increasing costs.