According to CoinMeta, Canada's consumer price index in July ( CPI ) increased by 3.0% year-on-year, higher than the market expectation of 2.9%. Inflation in Canada is affected by rising oil prices, but it has been alleviated in some regions due to declining housing prices and rents. The Bank of Canada is currently taking a neutral stance, but the likelihood of a rate hike by December has risen to 70%, with an expected increase of 65 basis points over the next year. The report shows that gasoline prices in July increased by 25.7% year-on-year, higher than 20.5% in June. Additionally, travel prices also rose by 15.2% in July, an acceleration from 6.8% in June, possibly driven by the World Cup. There were also more noticeable signs of inflation in airfares, which increased by 12.0% in July compared to 9.6% in June. Inflation is mainly concentrated in the transportation sector, but food and entertainment costs are also on the rise.