Canada’s inflation rate slows to 7.6% in July as gas prices fall
OTTAWA, ON – Canada’s year-over-year inflation rate slowed to 7.6 per cent in July, with the deceleration largely driven by a decline in gas prices.
The inflation rate hit a nearly 40-year-high of 8.1 per cent in June, but economists were widely expecting inflation to have since slowed.
In its latest consumer price index report, Statistics Canada said the rise in prices in July was the smallest monthly gains since December 2021.
It also marks the first decline in year-over-year inflation since June 2020.