Consumer inflation ticked up to 3% in July, Statistics Canada says

Дата публикации: 17-08-2026 12:59:48

Consumer inflation rose in July as gas prices increased, according to Statistics Canada, with the consumer price index ticking up from June.

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Consumer inflation rose in July as gas prices increased, according to Statistics Canada, with the consumer price index ticking up from June by more than some economists expected.

Inflation increased to three per cent on average last month compared with a year earlier, up from 2.8 per cent in June, the agency says.

The majority of economists polled expected that the annual rate of inflation would rise to 2.9 per cent last month after cooling sharply to 2.8 per cent in June, according to LSEG Data & Analytics.

“Canadian inflation reaccelerated a touch more than consensus expectations in July, although with that move driven by higher gasoline prices and airfares it shouldn’t be a concern to policymakers at the Bank of Canada,” said senior economist Andrew Grantham at CIBC in a statement.

“Core measures of inflation remain around the two per cent mark on a year-over-year basis, supporting the current on hold stance as we seek more clarity regarding the future path of oil prices and Canada-U.S. trade.”

Gas prices in Canada have been riding a roller-coaster as volatile oil prices fluctuate worldwide amid the Iran war. A tentative ceasefire agreement between the U.S. and Iran helped cool oil and gas markets in June, but prices increased through much of July after the agreement unravelled and the fighting resumed.

When removing volatile gasoline prices, core inflation was 2.2 per cent in July — the same as seen in May and June.

July saw overall prices for gasoline spike 25.7 per cent from a year earlier, up from 20.5 per cent in June.

Jet fuel costs also contributed to a 12 per cent year-over-year increase in air transportation costs last month, says Statistics Canada, and up from 9.6 per cent in June.

During the FIFA World Cup, prices for hotels and flights from Canada to U.S. destinations also got more expensive last month, with travel tours rising 15.2 per cent on average compared to last year, up from 6.8 per cent in June.

But inflation cooled at the grocery store last month, which helped offset some of the sharp price growth in other areas of the economy.

Statistics Canada says prices for food purchased from stores increased 3.1 per cent on average in July on a year-over-year basis, down from 3.9 per cent in June.

Inflation especially cooled for fresh vegetables, with prices rising 3.9 per cent year-over-year, which Statistics Canada tells Global News was down from a year-over-year increase of 9.2 per cent in June.

Meanwhile, fresh or frozen chicken increased just 0.3 per cent last month from a year ago, down from 5.7 per cent in June.

Cereal product prices actually fell 1.7 per cent on average in July compared to last year, which is known as deflation.

Meanwhile, fresh fruit inflation topped 6.1 per cent year-over-year in July compared with 1.7 per cent in June. Statistics Canada says fresh fruit prices increased from a month earlier by 4.7 per cent, which was the highest month-over-month move since July 2011, and led by more expensive berries and melons.

The Bank of Canada is aiming to keep consumer inflation within a range of one to three per cent in order to achieve its mandate of maintaining price stability while allowing the economy to thrive.

“The real risk is if pain at the pump starts spilling into broader price pressures. That would no doubt make the Bank increasingly uncomfortable,” said Andrew DiCapua, principal economist at the Business Data Lab and Canadian Chamber of Commerce in a statement.

“For now, though, one hotter-than-expected inflation print probably isn’t enough to move interest rates. The Bank still has time to wait and see whether inflation gets back on track.”

The central bank’s next opportunity to reassess its benchmark interest rate policy comes on Sept. 2.

— with a file from The Canadian Press

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