Canadian annual consumer prices accelerated in June to a four-month high driven by higher costs for gasoline and passenger vehicles, but remained well below the 2% inflation target, showing no pressure on the central bank to hike rates.
The monthly consumer price index was flat following a 0.2% rise in May, but the year-on-year rate quickened to 1.2% from 0.7%, Statistics Canada said Friday.
The core rate, which excludes some energy and food costs, dropped 0.2% on a monthly basis following a rise of that magnitude previously, and was up 1.3% year-on-year from 1.1%.