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Canada July inflation rises to 1.2%

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Ottawa (AFP)

Consumers in Canada paid 1.2 percent more for goods and services in July than a year earlier, as home prices and transportation costs increased, the government statistical agency said Friday.

Inflation was slightly lower than analysts had expected, following a rate of 1.0 percent the previous month.

"After being fairly docile through the early summer, Canadian inflation is now showing signs of perking back up," CIBC Economics analyst Andrew Grantham said, adding that "little market reaction" is anticipated.

July saw a hike in gasoline and passenger vehicle prices, as well as home prices, according to Statistics Canada.

Natural gas prices also rose, while electricity prices -- marking the largest decrease in 14 years -- were down 9.1 percent. The drop was largely the result of legislated price decreases in Ontario province.

Year-over-year prices for non-prescribed medicines and footwear also increased in the month.

Meanwhile, prices fell for furniture, household appliances, telephone services, and men's and women's clothing.

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