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

Signage mark the Statistics Canada offices in Ottawa

He adds that the Bank of Canada could also move to increase the interest rate in the fall in response to the strong inflation report and that would mean higher borrowing costs.

Economists polled by Reuters had forecast 2.5 percent annual inflation.

Earlier in the summer, the Bank of Canada said that the inflation rate would jump to about 2.5 percent before it settles back down to two percent in late 2019.

The result, the highest reading since September 2011, put inflation at the top end of the Bank of Canada's target range of one to three per cent.

The federal agency said Friday that the consumer price index for July was up 3.0 per cent in Canada on a year-over-year basis, up from a 2.5 per cent increase the month before.

"It's a strong inflation report indicating that the Canadian economy is doing well, but it's mostly those fuel prices that are trickling into the prices of everything else".

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"Maintaining stable inflation is likely to require further rate hikes by the central bank, with the next one likely coming in October", Marple said.

The Canadian dollar traded up at 76.38 cents U.S. compared with an average of 76.03 on Thursday after Statistics Canada reported the annual inflation rate hit 3.0 per cent in July, its highest level since September 2011. The central bank raised its trend-setting interest rate to 1.5 per cent earlier this summer.

Statistics Canada says consumer prices for gasoline were up 25.4 per cent in July compared to a year ago.

And recent interest rate hikes pushed up mortgage rate costs.

On the flip side, telephone service costs were down 5.1% and traveller accommodations slipped 4.1% compared with a year ago.

The costs in Canada of buying passenger vehicles, auto insurance, food, telephone services, air transportation and travel tours were also up, said the government statistical agency.

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