Canada's annual inflation rate climbed more than economists expected in July.
Food prices have been a major driver of inflation in Canada.
On a monthly basis, CPI increased 0.6 per cent in July. On a seasonally adjusted basis, the increase was 0.5 per cent.Bloomberg survey. The acceleration in July's monthly figure doubled their expectations. While grocery costs remain elevated, prices climbed at a slower year-over-year pace last month, rising 8.5 per cent, versus a 9.1 per cent rise in June. The agency said the slower price growth was mainly due to cheaper fresh fruit.
"When combined with the deceleration in the three-month annualized core inflation numbers, this reinforces our call that the Bank of Canada is likely to remain on hold at its September meeting, barring any major data surprises," Bartlet wrote. However, she also notes: "The data are not yet fully suggesting that they've done enough, as inflationary pressures are proving more persistent."
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