Statistics Canada released consumer price index today. The consumer price index in Canada climbed 2.1% in July, after a 2.4% rise in June.

The Bank of Canada's inflation target is 2.0%.

On a monthly basis, the consumer price inflation in Canada declined 0.2% in July, missing expectations for a 0.1% fall, after a 0.1% increase in June.

Prices increased in all 12 categories. Shelter costs were up 3.0 per cent in July, while food prices jumped by 2.9% and gasoline prices rose 2.1%.

Canadian core consumer inflation (excluding eight volatile products) rose 1.7% in July, after a 1.8% rise in June.

On a monthly basis, Canadian core consumer inflation fell 0.1% in July, after a 0.1% decline in June. Analysts had expected the core consumer inflation to be flat.