Pushed by higher gas prices, Canada's annual inflation rate increased by 3% in July. Its highest reading since 2011.

Statistics Canada says the consumer price index for July jumped 3%, after economists predicted a year-over-year inflation rate of 2.5%.

All 8 major areas of the consumer price index rose, including Transportation, Gasoline, cost of air transportation, restaurants and mortgage.

Telephone service costs were down 5.1% however, along with 4.1% for traveler accommodations.