Canada’s inflation rate rose to 3.3% in July, StatCan reports

OTTAWA –

Statistics Canada says the nation’s annual inflation fee rose to three.3 per cent in July, marking a rise within the tempo of value progress since June.

This comes after inflation tumbled to 2.8 per cent in June, falling throughout the Bank of Canada’s goal vary of between one and three per cent for the primary time since March 2021.

The federal company says the rise in inflation for July is because of gasoline costs that fell much less dramatically from costs a yr in the past.

The report says gasoline costs final month had been being in comparison with when costs had declined considerably in July 2022, as fears of an financial slowdown grew.

Meanwhile, grocery costs rose 8.5 per cent on an annual foundation, rising extra slowly than in June, largely attributable to smaller value will increase for fruit and bakery items.

The Bank of Canada expects inflation to hover round three per cent over the following yr, earlier than steadily declining to 2 per cent by mid-2025.

This report by The Canadian Press was first printed Aug. 15, 2023.