By Ketki Saxena
Investing.com -- Canadian inflation surged again, up to 3.3% in July, compared to 2.8% in June.
On a monthly basis, the CPI rose 0.6% in July, following a 0.1% gain in June. On a seasonally adjusted monthly basis, the CPI rose 0.5% in July.
Acceleration in headline consumer inflation was mainly attributable to a base-year effect in gasoline prices. On a year-over-year basis, energy prices declined less in July (-8.2%) compared with June (-14.6%).
Prices for gasoline fell 12.9% year over year in July after a 21.6% decline in June, however this was the result of a base-year effect, with prices up only 0.9% month over month in July.
Price growth for groceries decelerated, rising 8.5% in July after a 9.1% increase in June.
Mortgage interest costs were the highest contributor to headline inflation, up 30.6% year over year.