Canada's annual inflation rate eased to 1.7% in July from 1.9% in the prior month as lower year-on-year gasoline prices kept the consumer price index low, data showed on Tuesday.

The pace of inflation in Canada cooled last month, offering some hope the central bank will resume lowering interest rates to help revive a sluggish economy being held down by trade uncertainty.Still,

Inflation held steady in July and ran slightly cooler than expected, increasing the odds of a Federal Reserve rate cut next month.