The Consumer Price Index (CPI) rose 3.0% on a year-over-year basis in July, following a 2.5% increase in June. While continued strength in energy prices contributed most to the year-over-year increase, higher prices for various services, including air transportation and travel tours, also contributed to consumer price growth in July.

The Bank of Canada's preferred measures of core inflation remained stable in July. All eight major components rose year over year in July. The transportation index (+8.1%) was the largest contributor to the year-over-year increase