FX.co ★ Canada Inflation Rate Rebounds

Canada’s headline inflation rate edged up to 2.9% in July 2026 from 2.8% in June, coming in just above market expectations of 2.9% and remaining below the post–Iran war peak of 3.2% recorded two months earlier. Gasoline price inflation accelerated sharply to 25.7% from 20.5% in the previous month, mirroring developments in global wholesale oil and refined products markets as renewed strikes between Iran and the United States reignited during the period and led to tanker blockades in this key shipping region. In response, core inflation measures monitored by the Bank of Canada also ticked higher, with the median core rate rising to 2.0% and the trimmed-mean measure to 1.9%.