Inflation rises to 3 per cent in July as gasoline prices jump

Canada’s annual inflation rate accelerated in July, with consumer prices rising 3.0 per cent compared with the same month last year.

Statistics Canada says the increase follows a 2.8 per cent year-over-year gain in June.

The agency says higher gasoline prices were a major factor behind the increase. Gasoline prices rose on a year-over-year basis in July, contributing to the overall acceleration in consumer prices.

On a seasonally adjusted monthly basis, the Consumer Price Index also increased in July.

The latest figures provide an indication of how the cost of goods and services is changing for Canadian households, with inflation remaining above the Bank of Canada’s two per cent target.

Statistics Canada’s Consumer Price Index measures changes in the prices consumers pay for a broad range of goods and services, including food, shelter, transportation and household expenses.

The July figures were released today as part of Statistics Canada’s monthly inflation report.