For the first time in five months, total inflation accelerated, as the 12-month rate rebounded to 1.2% in July, with transportation and shelter contributing the most to the rise, Statistics Canada reported Friday. While the current inflation level remains well below the Bank of Canada's 2% target, it was still an encouraging sign after total CPI fell from 2.1% in January all the way to 1.0% in June. Two of the three BOC's preferred measures of core inflation also picked up in July, bringing the range to 1.3%-1.7% from 1.2%-1.6% in June. At the top of the range, CPI-median, reflecting the price change at the 50th ... (full story)