Annual inflation in Canada accelerates to 3% in July as gasoline prices rise

Canada's annual inflation rate accelerated to 3% in July, slightly above expectations, as gasoline prices rose again on renewed tensions between the United States and Iran, along with increased tourist costs, according to data released Monday. On a monthly basis, the consumer price index rose 0.5% in July, again driven by higher gasoline costs, according to Statistics Canada. Thus, the inflation rate stabilized at the limit

The top of the Bank of Canada's inflation target range of 1% to 3%. Reuters analysts had expected consumer prices to rise by 2.9% on an annual basis and 0.4% on a monthly basis during July. A rise in headline inflation was widely expected as a result of rising energy prices, making the trend in core inflation a more important indicator for the Bank of Canada. Core inflation measures CPI-trim and CPI-median were about 1.9% and 2%, respectively, compared to 1.9%

For both in the previous month, according to Statistics Canada. Expectations to hold interest rates With core inflation largely stable around 2%, the middle of the Bank of Canada's target range of 1% to 3%, the central bank is likely to keep its key interest rate unchanged through the remainder of the year, economists said.

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