The annual rate of inflation cooled to 2.5 per cent in July, Statistics Canada said Tuesday, the slowest pace for price growth since March 2021.
StatCan said that deceleration in price hikes was “broad-based” last month, with lower prices for travel tours, passenger vehicles and electricity.
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July figures follow an inflation rate of 2.7 per cent in June.
Gas prices put upward pressure on inflation last month, rising 2.4 per cent month-to-month.
Food inflation cooled somewhat, rising 2.7 per cent annually compared to 2.8 per cent in June.
July’s consumer price index data will be the Bank of Canada’s last look at the latest inflation trends before its upcoming rate decision slated for Sept. 4.