Canadian Inflation Ticks Up Amid Higher Gas Prices

Canada's inflation rate rose to 3% in July due to higher gasoline prices, according to Statistics Canada. The year-over-year increase in gas prices was 25.7%, up from 20.5% in June.

The consumer price index (CPI) also rose by 0.5% on a monthly basis. Excluding gasoline, the CPI increased by 2.2% for the third consecutive month.

Economists surveyed by Bloomberg had predicted headline inflation to rise to 2.9%, but it actually ticked up to 3%. Despite this, core measures of price growth remained subdued, with the average of the Bank of Canada's preferred core measures rising by 1.95%.