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Canada Inflation Quickens to 3.3% But Core Measure Shows Progress
Inflation ticked back above the Bank of Canada’s control range in July, but progress on underlying price pressures leaves room for policymakers to pause interest-rate hikes. The consumer price index rose 3.3% from a year ago, the first reacceleration since April, Statistics Canada reported Tuesday in Ottawa. That was faster than the median estimate of 3% in a Bloomberg survey of economists. On a monthly basis, the index rose 0.6%, double their expectations. The Canadian dollar reversed earlier losses after the release of the data to trade at C$1.346 per US dollar at 8:45 a.m. Ottawa time. Bonds slumped, with the ... (full story)