Canada’s Inflation Rate Climbs to 3.3%
Statistics Canada says the nation’s annual inflation rate came in at 3.3% in July, up from 2.8% in June.
The price of gas, which fell dramatically less than in July of last year, gets a lot of the blame.
The price of groceries climbed 8.5% from last year.
The Bank of Canada has said the inflation rate will sit at around 3.0% for the next year or so, before getting back down to its target of 2.0% by mid-2025.