Economists expect inflation edged higher in July as consumers were getting whiplash at the gasoline pumps.
Statistics Canada is set to provide a look at the consumer price index for July on Monday.
A Reuters poll of economists expects annual inflation rose a tenth of a point to 2.9 percent last month.
June’s progress toward peace between the United States and Iran led to a pullback in global oil prices and inflation cooled accordingly. But the tentative ceasefire buckled in July and renewed hostilities in the oil-producing region sent gas prices higher again.
Economists at Royal Bank of Canada calculate that, while gas prices remain below their peaks in April and May, prices at the pump were 25 percent higher in July than a year ago, compared with a 20 percent annual hike in June….