Canada's inflation rate eased to 2.8% in June thanks to lower gas prices
Gasoline prices fell more than 10% month over month, while grocery inflation eased to 3.9% and core inflation held at 2.2%, StatCan said.
- On Monday, Statistics Canada reported Canada's annual inflation rate cooled to 2.8 per cent in June, down from a recent high of 3.2 per cent in May and lower than most economists expected.
- Gasoline costs fell sharply after the United States and Iran signed a tentative peace agreement, with pump prices dropping 10 per cent month-over-month to explain the deceleration.
- While grocery price hikes eased to 3.9 per cent, air transportation costs jumped 9.6 per cent and FIFA World Cup events in Toronto and Vancouver pushed travel service prices higher.
- The Bank of Canada held its benchmark interest rate steady at 2.25 per cent last week, while core inflation measures CPI-median and CPI-trim fell to 1.9 per cent and 1.8 per cent respectively.
- Renewed hostilities in the Middle East have pushed gasoline prices higher in recent weeks, threatening to reverse the cooling trend as global oil prices fluctuate following the short-lived ceasefire.
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Inflation Eased to 2.8 Percent in June as Gas Prices Fell: StatCan
Canada’s inflation rate declined slightly to 2.8 percent in June, as lower gasoline prices put downward pressure on the metric, according to Statistics Canada. The Consumer Price Index (CPI) fell 0.4 per cent month over month in June, marking the largest monthly decline since December 2024. Canada’s inflation rate is now once again within the Bank of Canada’s target range of between 1 percent and 3 percent. StatCan said in its July 20 report tha…
Canada's inflation rate falls to 2.8% in June as gas prices drop
The annual rate of inflation eased back below three per cent in June as motorists paid less to fill up the gas tank, Statistics Canada said Monday. Inflation slowed to 2.8 per cent in June, down from the recent high of 3.2 per cent in May and a tick lower than most economists were expecting. The agency pointed to a 10 per cent drop in the cost of gasoline month-over-month to explain the decline. Gas prices surged over the spring mostly because o…
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