Canada’s inflation rate rose to 3 percent in July, as higher gasoline prices were partly offset by slower growth in food prices, according to Statistics Canada.
The Consumer Price Index (CPI) rose 0.5 percent month over month in July, while on a seasonally adjusted monthly basis it rose 0.3 percent, StatCan said in a report released Aug. 17. Canada’s inflation rate had fallen to 2.8 percent in June, after reaching 3.2 percent in May.
Core inflation measures, which exclude “volatile” components like food and gasoline, remained stable in July, the agency said. CPI-median and CPI-trim hovered at two percent and 1.9 percent.
Gasoline prices rose by 25.7 percent on a year-over-year basis in July following a 20.5 percent gain the month before, according to the report. …