Canadian Inflation Rate Ticks Up Amid Global Oil Market Volatility

The Canadian inflation rate ticked up in July 2026, reaching 2.9% from 2.8% the previous month.

This slight increase is above market expectations of 2.9%, but below the post-Iran-war peak of 3.2% seen just two months prior.

The gasoline price inflation rate accelerated to 25.7% from 20.5% in the previous month, tracking wholesale oil and refined product markets globally due to ongoing strikes between Iran and the US.

The Bank of Canada's core inflation rates also saw a slight increase, with the median core rate up at 2% and the trimmed-mean rate at 1.9%.