Canada’s July Inflation Eases to 1.7 Percent
(MENAFN) Canada’s annual inflation rate eased to 1.7% in July, slipping from June’s 1.9% increase, according to Statistics Canada on Tuesday.
The deceleration in the Consumer Price Index (CPI) was primarily driven by a sharp drop in gasoline prices, which plunged 16.1% year over year, the national statistics agency reported.
When excluding gasoline, however, consumer prices remained under pressure. The CPI excluding fuel costs rose 2.5% in July, maintaining the same pace as recorded in both May and June, said Statistics Canada.
Grocery expenses continued to rise in July, driven by significant price increases in select food items. Prices for store-bought food grew at a faster rate, with confectionery climbing 11.8 percent and coffee soaring 28.6 percent, pushing overall grocery costs higher, the agency reported.
The rise in food costs was attributed to adverse weather in key agricultural regions, which has driven up prices for essential ingredients used in these products.
On a monthly basis, the CPI edged up 0.3% in July, Statistics Canada added.
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