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- Canada’s inflation rises much more than expected in July
Canada’s inflation rises much more than expected in July
Statistics
Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.5
percent m-o-m in July, following a 0.2 percent m-o-m drop in the previous
month.
On the y-o-y
basis, Canada’s inflation rate increased 2.0 percent last month, matching the gain
in June.
Economists had
predicted inflation would decrease 0.2 percent m-o-m but gain 1.7 percent y-o-y
in July.
According to
the report, growth in the services index slowed to 2.4 percent y-o-y in July compared
with a 2.8 percent y-o-y advance in June. This slowdown, however, was offset by a 1.3
percent y-o-y gain in the goods index, as the decline in gasoline prices slowed, and price growth accelerated for durable goods and food.
Meanwhile, the
closely watched the Bank of Canada's core index rose 2.0 percent y-o-y in July,
the same pace as in the previous month. Economists had forecast an advance of
2.3 percent y-o-y.
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