OTTAWA — Canada’s annual inflation rate increased to a higher-than-expected 3.1% in August from 2.7% in July, in part due to higher prices for passenger vehicles and electricity, Statistics Canada data reported on Wednesday.

Market analysts had expected the annual rate to hit 2.9% in August. Prices grew by 0.3% in August from July, greater than the forecast 0.1% advance.

The data is unlikely to put much immediate pressure on the Bank of Canada, which expects inflation to gradually fall toward its 2.0% target.

The central bank, citing economic woes in Greece and the United States, made clear on Tuesday it was in no hurry to raise interest rates from near-record lows.

The annual core inflation rate, which excludes volatile items like gasoline, grew 1.9% in August from 1.6% in July.

Energy prices rose 13.4% during the 12 months to August, following a 12.9% increase in July. The price of passenger vehicles increased by 0.3% in the 12 months to August, compared with a 1.0% drop in the year to July.

Food prices climbed 4.4% in the year to August, compared with 4.3% in July.

© Thomson Reuters 2011