Canada’s inflation rate slowed to 7.6% in July, down from the 8.1% year-on-year rate measured in June.
Posted at 8:38
According to Statistics Canada, the deceleration in inflation in July is attributable to the slowdown in the growth of gasoline prices.
Excluding gasoline, prices rose 6.6% year over year in July, after rising 6.5% in June. This indicates that the upward pressure exerted on all consumer prices remained widespread in July.
On a monthly basis, consumer prices rose 0.1% in July compared to June. This is the seventh consecutive monthly increase.
While gasoline prices fell on a monthly basis in July, the prices of other non-durable goods, such as natural gas and groceries, continued to rise, reports Statistics Canada.
In addition, the increase in the prices of services related to tourism and travel, such as flights, meals in restaurants and hotel stays, also contributed to the inflation measured from June to July.