Canada's inflation rate rose to 3.3 per cent in July after plunging over the past year from a June 2022 peak, Statistics Canada said Tuesday.
A rise in headline inflation — which analysts had expected to be lower following a 2.8 per cent increase in prices in June — was mainly attributed by Statistics Canada to a base year effect on gasoline prices.
"A large monthly decline [in prices at the pump] in July 2022 is no longer impacting the 12-month movement [of the Consumer Price Index]," the agency explained.
Also pushing up inflation last month was a spike in energy prices in Alberta after provincial rebates and a price cap were phased out, it said.
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