Inflation Falls to 2.7% in June, Driven by Slower Growth in Gas Prices: StatCan

Canada’s annual inflation rate fell to 2.7 percent in June, with Statistics Canada largely attributing the deceleration to slower year-over-year growth in gasoline prices. The agency reported on July 16 that gasoline prices rose 0.4 percent in June following a 5.6 percent jump in May. Excluding gasoline, the consumer price index rose 2.8 percent in June. The annual inflation rate for May was 2.9 percent. StatCan said lower prices for durable goods also contributed to the overall slowdown in June, falling 1.8 percent year-over-year in the month following a 0.8 percent decline in May. Meanwhile, grocery prices rose 2.1 percent year-over-year in June, up from May when they increased 1.5 percent from the same month a year earlier....