WRAPUP 1-Canadian inflation surges, boosts chances of September rate hike [Reuters]
Royal Bank Of Canada (RY)
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Source: Reuters
Canadian inflation surges, boosts chances of September rate hike | Reuters 3 Min Read OTTAWA (Reuters) - Canada’s annual inflation rate surged to 3.0 percent in July, its highest level in nearly seven years, raising expectations that the Bank of Canada might raise interest rates again as soon as next month and pushing the Canadian dollar higher. The inflation rate, which last eclipsed 3.0 percent in September 2011, was much stronger than the 2.5 percent forecast by analysts in a Reuters poll. Inflation in June was 2.5 percent. The Bank of Canada, which raised rates in July for the fourth time in a year, has an inflation target of 2.0 percent. “This certainly raises the probability of a move (upward) in September by the Bank of Canada, but there’s going to have to be further confirming evidence of strength in the economy and inflation pressure building,” said Paul Ferley, assistant chief economist at Royal Bank of Canada. Chances of a rate hike next month rose to nearly 30 percent from
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