Bank of Canada Releases Inflation Number: Inflation Climbs to 3% in July

In this episode, host Vijay Saini breaks down the latest inflation numbers from Statistics Canada, which show the annual inflation rate rose to 3% in July, up from 2.8% in June. The increase was driven mainly by higher gasoline prices and travel costs, while food inflation cooled slightly. The discussion explores what the 3% figure means for the Bank of Canada’s next interest rate decision, mortgage holders, renters, and everyday household budgets. With inflation now at the top of the central bank’s 1–3% target range, the episode looks at whether rates will stay on hold or if further action could be needed to keep price pressures in check.