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- Canada’s annual inflation accelerates more than anticipated in July
Canada’s annual inflation accelerates more than anticipated in July
Statistics Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.6 percent m-o-m in July, following a 0.3 percent m-o-m gain in the previous month. This was the fastest pace since January.
On
the y-o-y basis, Canada’s inflation rate increased 3.7 percent last month, accelerating
from 3.1 percent in June. This was the highest rate since May 2011.
Economists
had predicted inflation would increase 0.3 percent m-o-m and 3.4 percent y-o-y
in July.
According
to the report, prices rose at a faster pace in six of the eight major
components on a y-o-y basis in July, with shelter prices (+4.8 percent y-o-y) contributing
the most to the all-items advance.
Meanwhile, the closely watched the Bank of
Canada's core index surged 3.3 percent y-o-y in July, following a 2.7 percent
y-o-y jump in June.
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