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Canada inflation rate hit highest level since 2011

Canada manufacturing
Canada   Energy costs have risen by 14.2 percent

Canada's inflation rate hit three percent in July, the highest level since 2011, according to Statistics Canada.

The country's Consumer Price Index (CPI) rose three percent on a year-over-year basis in July as higher prices for airplane tickets, tourism and gasoline pushed the rate up.

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.


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