Statistics Canada to report how rebounding gas prices affected inflation in July

Statistics Canada is set to report fresh inflation figures for July this morning.

A poll of economists expects the annual rate of inflation ticked up to 2.9 per cent last month after cooling sharply to 2.8 per cent in June, according to LSEG Data & Analytics.

Canadian drivers found relief at the gas pumps in June as peace talks in the Iran war progressed and reined in global oil prices.

But economists say progress taming inflation likely reversed course last month as renewed hostilities in the Middle East sent gas prices higher again.

The July inflation figures will mark the Bank of Canada’s last look at price data before its next interest rate decision on Sept. 2.

The central bank has held its policy rate steady at 2.25 per cent in six consecutive decisions as it tries to balance volatile global energy prices and U.S. tariffs hampering the economy.

This report by The Canadian Press was first published Aug. 17, 2026.

By Craig Lord | Copyright 2026, The Canadian Press. All rights reserved.