Cost for gas puts the squeeze on inflation rates in Alberta

Canada's inflation rate rises to 3%, highest level since 2011

Canada's inflation rate surged to 3.0 percent in July, fueled by rising global prices for crude oil, according to government data released Friday.

Earlier in the summer, the Bank of Canada said that the inflation rate would jump to about 2.5 percent before it settles back down to two percent in late 2019.

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. Ottawa's rate increase was in line with the national average in June.

The inflation report pushed the Canadian dollar higher, up more than half a cent to $.07656 US.

Statistics Canada says inflation in Victoria was 2.6 per cent in July, compared to 2.1 per cent in June, while the rate reached 3.3 per cent in B.C.

The Canadian dollar rose more than half a cent to 76.50 USA cents after the latest inflation report was released.

At the same time, core inflation remained roughly stable in the month.

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Higher gasoline prices helped push the country's annual inflation rate in July to its highest reading since September 2011, it added.

"The overall backdrop for inflation hasn't changed all that much".

Reitzes expects the central bank to keep its key interest rate target on hold at its September 5 announcement, but foresees a raise in October.

The rates of all eight components rose on a year-on-year basis in July.

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

On the flip side, telephone service costs were down 5.1% and traveller accommodations slipped 4.1% compared with a year ago.

Todd Hirsch, economist with ATB Financial, says that the increase in gas prices will also affect the cost for all sorts of other goods that need to be transported.

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