{"id":3433,"date":"2026-07-20T13:07:38","date_gmt":"2026-07-20T13:07:38","guid":{"rendered":"https:\/\/usmovingexpertss.com\/?p=3433"},"modified":"2026-07-20T13:07:38","modified_gmt":"2026-07-20T13:07:38","slug":"canadas-annual-inflation-rate-cools-below-forecast-on-cheaper-fuel","status":"publish","type":"post","link":"https:\/\/usmovingexpertss.com\/?p=3433","title":{"rendered":"Canada’s annual inflation rate cools below forecast on cheaper fuel"},"content":{"rendered":"
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OTTAWA – Canada’s annual inflation rate cooled more than expected to 2.8% in June, data showed on Monday, as gasoline costs fell sharply after the U.S. and Iran signed their memorandum of understanding to end the war.<\/p>\n

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The war has since then flared up again in the Middle East and gasoline costs have started inching up.<\/p>\n

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The Consumer Price Index on a month on month basis decelerated by 0.4%, Statistics Canada said. <\/p>\n

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– Analysts polled by Reuters had forecast an annual inflation rate of 2.9% and a monthly inflation rate of -0.2% in June.<\/p>\n

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– Last month, the consumer price index had clocked a 29-month high of 3.2%, breaching the Bank of Canada’s control range of 3% in more than two years.<\/p>\n

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– Gasoline prices were the biggest contributor to the easing in inflation rate with price of the fuel purchased at the pump falling by over 10% in June, StatsCan said. On a year over year basis, gasoline costs rose at a rate of 20.5% in June, down from a rise of 33.2% in the prior month. <\/p>\n

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– Excluding gasoline, the CPI was unchanged in June compared with May, at 2.2%, StatsCan said.<\/p>\n

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– Due to a continued increase in gasoline prices, transportation costs, which accounts for around 18% of the CPI basket, rose by 6.7% in June on an annual basis.<\/p>\n

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– Other items in the basket that grew at more than 3% were food, which rose by 3.5% in June, and the recreation, education and reading category, which increased by 3.8%, data showed.<\/p>\n

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– However, the rise in grocery prices cooled slightly with the cost of food purchased from stores rising by 3.9% on an annual basis last month, down from 4.3% in May. June was the 17th consecutive month that grocery price inflation outpaced the all-items CPI.<\/p>\n

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– The core measures of inflation, closely watched by the BoC to gauge underlying inflation trends, eased further in June. CPI-median was down to 1.9% from 2.1% in May, while CPI-trim fell to 1.8% from 2% in the prior month. <\/p>\n

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– The Canadian dollar slid 0.18% to C$1.4045 to the U.S. dollar, or 71.20 U.S. cents. <\/p>\n

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<\/p>\n

(Reporting by Promit Mukherjee; Editing by Dale Smith and Nick Zieminski)<\/p>\n

<\/p>\n

Copyright Reuters or USA Today Network via Reuters Connect.<\/i><\/p>\n

<\/article>\n","protected":false},"excerpt":{"rendered":"

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