Inflation in Canada falls to 7.6% in first monthly decrease in a year
Gasoline got cheaper last month, but grocery prices continued to climb
Canada’s inflation rate fell to 7.6 per cent in July, according to a report Tuesday from Statistics Canada, marking the first time in 12 months that the rate has decreased from the previous month.
In June, inflation hit a 39-year high of 8.1 per cent, with gasoline prices the single biggest contributor to the overall rate increase.
By contrast, gasoline prices declined on a monthly basis in July, according to the agency’s Consumer Price Index. Consumers paid 9.2 per cent less for gasoline in July than they did in June, a monthly decline not seen since April 2020.
