Higher gas prices expected to nudge Canada’s inflation rate back near 3% in July, economists say

“We’re still seeing that initial pass through from the first spike in global oil prices that we had over the spring,” Grantham said in an interview, singling out higher airfares. “They’re not as high as what we saw earlier this year, but these are year-over-year inflation rates, so they’re still a lot higher than they were a year ago.”