Canada inflation rate hit highest level since 2011Staff Writer | August 18, 2018
Canada's inflation rate hit three percent in July, the highest level since 2011, according to Statistics Canada.
Canada Energy costs have risen by 14.2 percent
It went up 2.5 percent in June, which was already the highest level in more than six years.
Energy costs have risen by 14.2 percent in the past year while gasoline have jumped 25.4 percent.
The rates of all eight components rose on a year-on-year basis in July.
The Bank of Canada, which raised interest rates in July for the fourth time in a year, had an inflation target of two percent. But the bank's preferred measures of core inflation remained stable in July. ■