Canada's annual inflation rate picked up steam in July after slowing to a near two-year low in the previous month, as it cost more to purchase gasoline and maintain a residence.
The all-items consumer-price index in July rose 1.2% from a year earlier, Statistics Canada said Friday, following a 1% advance in the previous month. July's advance matched market expectations, according to economists at Royal Bank of Canada.
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On a month-over-month basis, CPI was unchanged in July.
Meanwhile, the average annual rate of core inflation, based on three gauges used by the Bank of Canada, rose 1.5% in July, versus a 1.4% gain in the previous month. The three measures of core inflation -- which aim to get a better read on underlying price pressures in the economy -- ranged from 1.3% to 1.7%.
The Bank of Canada sets rate policy to achieve and maintain 2% inflation.
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(END) Dow Jones Newswires
August 18, 2017 08:45 ET (12:45 GMT)