Canada's headline CPI rose 3.0% year over year in July, tracking a Hormuz-driven gasoline-price spike that pushed inflation to a war-era peak in May before easing. Core measures have held near 2% throughout, the reason the Bank of Canada has stayed comfortable holding its rate despite a headline number a full point above target. The weekend's fresh US-Iran exchange revives that same energy channel two days before Wednesday's decision, though it arrives too late to change the call itself.
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