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Aug 15, 2023 6:24 PM - Connect News

Canada’s inflation rate rose to 3.3% in July

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According to StatCan, higher gas prices contributed to the increase in inflation.

Inflation has started to rise again in Canada.

According to a report released by Statistics Canada on Tuesday, inflation rose to 3.3 per cent in July, down from 2.8 per cent in June for the first time since March 2021.

According to StatCan, higher gas prices contributed to the increase in inflation.

Meanwhile, food prices at grocery stores rose to 8.5 percent, but food prices rose at a moderate pace in July compared to the 9.1 percent jump seen in June.

Economists had already predicted that the inflation rate for the month of July may see a jump in the inflation rate.

BMO and CIBC had forecast inflation to reach 3.1 in July due to higher gasoline prices and said the the Bank of Canada is not expected to raise interest rates further as unemployment is likely to continue to rise, which it has increased from 5 to 5.5 percent during three months.

It is to be noted that the next interest rate decision by the Central Bank is to be taken on September 6 and before that the jobs data will also be important.

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