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Annual consumer inflation in Canada rises by 2.5 percent last month
(MENAFN) In July, Canada's annual consumer inflation rate rose by 2.5 percent, marking the slowest pace of increase since March 2021, according to Statistics Canada. This rate aligned with market expectations but represented a deceleration from the 2.7 percent increase recorded in June. The July figure also signifies a substantial drop from the 8.1 percent annual gain observed in June 2022, which had been the highest consumer price index (CPI) reading in 39 years.
The slower inflation in July was driven by broad-based decreases in several categories, including travel tours, passenger vehicles, and electricity. Specifically, prices for travel tours fell by 2.8 percent year-on-year, traveler accommodation declined by 3.7 percent, and air transportation decreased by 2.7 percent. These reductions contributed significantly to the overall moderation in consumer prices.
On a monthly basis, the CPI increased by 0.4 percent in July compared to the previous month, matching market forecasts. This uptick, however, marks a rebound from the 0.1 percent decline observed in June. The monthly rise was primarily influenced by a 2.4 percent increase in gasoline prices, which drove up the overall monthly inflation rate.
Overall, the July data reflects a continued easing of inflationary pressures from the peaks experienced last year, with specific sectors contributing to the slowdown. The rise in gasoline prices provided a counterbalance, leading to the slight monthly increase despite the overall deceleration in the annual inflation rate.
The slower inflation in July was driven by broad-based decreases in several categories, including travel tours, passenger vehicles, and electricity. Specifically, prices for travel tours fell by 2.8 percent year-on-year, traveler accommodation declined by 3.7 percent, and air transportation decreased by 2.7 percent. These reductions contributed significantly to the overall moderation in consumer prices.
On a monthly basis, the CPI increased by 0.4 percent in July compared to the previous month, matching market forecasts. This uptick, however, marks a rebound from the 0.1 percent decline observed in June. The monthly rise was primarily influenced by a 2.4 percent increase in gasoline prices, which drove up the overall monthly inflation rate.
Overall, the July data reflects a continued easing of inflationary pressures from the peaks experienced last year, with specific sectors contributing to the slowdown. The rise in gasoline prices provided a counterbalance, leading to the slight monthly increase despite the overall deceleration in the annual inflation rate.
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