Canada’s consumer inflation rises to 3.3% in July

Canada’s annual consumer inflation came in at 3.3% in July, rising from the 2.8% annual gain recorded in June, according to the country’s statistical authority on Tuesday. The figure is higher than market expectations of a 3% increase. It, however, reflects a significant slowdown since the 8.1% gain last June, which was the highest in 39 years. “Acceleration in headline consumer inflation was mainly attributable to a base-year effect in gasoline prices,” Statistics Canada said in a statement. Excluding gasoline, the consumer price index (CPI) increased 4.1%, rising from a 4% gain in June. On a monthly basis, the CPI rose 0.6% in July, following a 0.1% gain in June, due to higher monthly prices for travel tours, with July being a peak travel month, according to the agency. —AA