Canada records highest inflation since 2011

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Canada’s year-on-year consumer price index (CPI) inflation reached its highest rate in July since 2011, Statistics Canada announced on August 18.

Year-on-year CPI inflation reached 3.7% in July, up from the June figure of 3.1%.

A rapid rise in house prices helped lift the CPI, the statistical agency said, with its homeowners’ replacement cost index rising by 13.8%. Prices also rose sharply year-on-year for gasoline (30.9%) and durable goods, especially furniture (13.4%) and automobiles (5.5%)

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