Canada's annual inflation rose more-than-expected in July

Statistics Canada said Canada's consumer price index rose 0.6% in July, Canada's annual rate of inflation rose more-than-expected to 3.3% in July and analysts had expected inflation to rise to 3.0% from a 27-month low of 2.8% recorded in June .

The average of two BoC core measures of core inflation CPI-median and CPI-trim came in at 3.65% in July compared to 3.70% in June Prices excluding food and energy rose 3.4% in July versus 3.5% in June as services prices rose By 4.3% on an annual basis, commodity prices rose by 2.3% in July.

After its last rate hike in July, the Bank of Canada said it would study the data closely before acting again. The bank raised interest rates to a 22-year high of 5.0% in July after inflation hit a four-decade high of 8.1%. This is the tenth increase since March last year.

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