Canada’s annual inflation rate rose to 3% in July, up from 2.8% in June, largely driven by a 25.7% year-over-year surge in gasoline prices amid geopolitical disruptions to global energy and shipping routes. Food inflation eased to 3.1%, but grocery prices continued to rise faster than overall inflation for an 18th consecutive month, while higher fuel costs also pushed airfares and travel prices higher. Economists say the Bank of Canada is likely to look past the July figures and focus on the potential impact of new 50% U.S. tariffs, which could determine the direction of inflation and interest rates in the months ahead.

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