Canada's inflation rate rises to 3%, highest level since 2011

The inflation rate rose in every province in July, according to Statistics Canada. (Yuya Shino/Reuters)

Canada’s inflation rate rose to its highest level since 2011 last month, as higher prices for airplane tickets, tourism and gasoline pushed the rate to three per cent.

Statistics Canada said Friday the consumer price index hit an annual rate of three per cent in July. That’s up from 2.5 per cent in June, which was already the highest level in more than six years.

All eight components that the data agency tracks to come up with the rate were higher, and the inflation rate also rose in every single province.

Energy costs have risen by 14.2 per cent in the past year. Gasoline in particular is more than 25 per cent more expensive now than it was a year ago.

More to come

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