Canada's annual inflation rate crept up to 3.3 per cent in July, pushed higher in part by high energy prices.
Across Canada, electricity was up 11.7 per cent last month. In Alberta that was a staggering 127.8 per cent.
The volatile prices highlight one of the major challenges for the Bank of Canada, which now has to how get inflation within the target range of between one and three per cent without triggering a recession or letting the problem get worse. "Getting from three to two per cent is going to be the tricky part for the bank of Canada. Some of their underlying core inflation readings are still suggesting that the inflation pressures are still above three per cent,” Parsons says.
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