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Canadian inflation stays higher than expected at 2.0% in July

Canada's annual consumer price index rose 2.0% in July, matching the increase in June, Statistics Canada stated.

The median estimate of economists polled by Econoday was 1.7%.

The cost of telephone services fell 2.5% in July compared with June, as escalating competition among service providers prompted a shift in pricing structure. Meanwhile, prices for air transport and travel tours rose at a slower rate than last month year over year, due to a fall in jet fuel prices.

The cost of gasoline declined 6.9% year over year in July, down from the 9.2% drop in June, due to restricted supply in the U.S. after a refinery closure.

The Bank of Canada forecast in July that inflation would hover at the 2.0% mark but would dip due to temporary factors such as gasoline prices.