Petrol Effect Leads to 3% Inflation Increase In July

The Canadian Inflation Rate rose 3.3% year over year in July, following a 2.8% increase in June. Acceleration in headline consumer inflation was mainly attributable to a base-year effect in gasoline prices, as a large monthly decline in July 2022 (-9.2%) is no longer impacting the 12-month movement. Excluding gasoline, the CPI rose 4.1%, edging up from 4.0% in June.

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Chart 1 
The 12-month change in the Inflation Rate and CPI excluding energyChart 2 
Accelerating price growth in five of seven special aggregatesChart 3  ...