Canada inflation surges on rise of global oil prices

20 Août, 2018, 02:30 | Auteur: Auguste Feret
  • The inflation rate rose in every province in July according to Statistics Canada

Higher gasoline prices helped push the country's annual inflation rate in July to its highest reading since September 2011, Statistics Canada said Friday.

Economists polled by Reuters had forecast 2.5 per cent annual inflation.

Economically speaking, consumer sentiment for August is scheduled to come out, along with leading economic indicators and the Advance Quarterly Services Report that measures the performance of the US service economy, for the second quarter.

The central bank hiked its benchmark rate to 1.5 percent in July - its highest level in a decade, following a previous rate increase in January.

However, investors shouldn't put too much stock in the July number because it was caused in part by the way Statistics Canada keeps track of the air transportation index, said Petursson.

However, the average of Canada's three measures of core inflation, which don't include things like the volatile prices at the pump, rose last month to 2% compared to 1.96% in June.

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The report says that a 25.4 percent increase in the price of gasoline and a 28.2 percent increase in the cost of air transportation compared with a year ago helped push overall prices higher.

At 9:35 a.m. EDT (1335 GMT), the Canadian dollar CAD=D4 was trading 0.56 percent higher at C$1.3078 to the greenback, or 0.7644 US cents.

On a seasonally-adjusted monthly basis, the consumer price index was up 0.5% in July, after increasing 0.2% in June.

Food purchased from restaurants also gained 4.4%, while mortgage interest costs rose 5.2%.

"Maintaining stable inflation is likely to require further rate hikes by the central bank, with the next one likely coming in October", Marple said.

On the flip side, telephone service costs were down 5.1% and traveller accommodations slipped 4.1% compared with a year ago. I n a separate report, Statistics Canada estimated the direct impact of tariffs on USA imports implemented earlier this year on the consumer price index to be up to 0.07 percentage points.

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