Canada-s-Inflation-Rate-Hotter-Than-Expected

In July 2023, Canada's inflation rate surged more than expected to 3.3%, as core measures eyed by the central bank remained stubbornly high. This hotter-than-expected inflation data spooked investors and led to a sell-off in the stock market.

The main drivers of inflation in July were higher prices for gasoline, food, and shelter. Gasoline prices rose 11.4% year-over-year, while food prices rose 7.4%. Shelter costs rose 5.2%, the fastest pace since 2008.

The Bank of Canada has been raising interest rates in an effort to cool inflation. In July, the central bank raised its key interest rate by 0.5 percentage points to 5.0%, the highest level since 2001. However, the latest inflation data suggests that the Bank of Canada may need to raise rates even higher in order to bring inflation under control.

The hotter-than-expected inflation data is also bad news for consumers. It means that they will have to pay more for goods and services, which will erode their purchasing power. This could lead to a slowdown in economic growth.

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