Canada: CPI rose 3.0% on a year-over-year basis in July vs. 2.5% expected

"The Consumer Price Index (CPI) rose 3.0% on a year-over-year basis in July, following a 2.5% increase in June," Statistics Canada reported on Friday.

Key takeaways from the official publication

• While continued strength in energy prices contributed most to the year-over-year increase, higher prices for various services, including air transportation and travel tours, also contributed to consumer price growth in July.
• The Bank of Canada's preferred measures of core inflation remained stable in July.
• On a seasonally adjusted monthly basis, the CPI rose 0.5% in July, following a 0.2% increase in June.