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Canada CPI rises to 3.0% year-on-year in July

The July pickup was driven by a 25.7% year-on-year jump in gasoline prices, as pump prices rose faster than in June.

Reported · Written up by our desk · Major Pairs

Canadian headline inflation moved higher in July, reaching 3.0% year-on-year, up from 2.8% in June, according to Action Forex.

The outlet attributed the increase to higher gasoline prices, with pump prices rising 25.7% year-on-year in July compared with 20.5% in June.

Action Forex also noted that price pressures at grocery stores cooled during the month, even as overall inflation edged above what markets were expecting.

Latest closeGasoline (RBOB) $2.901 ▼7.3%

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