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Inflation rates reverse in July, exiting Bank of Canada’s target range

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Prices at the pump and growing mortgage costs tied to higher interest rates drove inflation higher in July, reversing a trend of cooling inflation.

Dawn Desjardins, chief economist for Deloitte, said the increase “deviates” from the anticipated decline to the Bank of Canada’s two per cent target rate — which was almost back in range in June.

Mortgage costs increased by 30.6 per cent in July, with food prices climbing 8.5 per cent.

For now, experts don’t anticipate another interest rate hike in September. Global’s Anne Gaviola has the latest.

For more info, please go to https://globalnews.ca/news/9896838/inflation-rate-july-2023-statistics-canada/

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Category
U.S. & Canada
Tags
global news, News, Bank of Canada
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