April 20, 2024 4:40 am
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Fuel Price Drop Leads to Decline in Inflation Rate in Canada

Inflation in Canada hit a new low last month, according to the latest report from the government. Despite the rise in grocery prices, the consumer price index only increased by 2.8 percent in June, down from 3.4 percent in May. One year ago, in June 2022, the rate reached a staggering 8.1 percent. The slowdown in inflation was largely due to a decline in gasoline prices, which fell by 21.6 percent year over year. If gasoline is excluded, inflation would have been at 4.0 percent in June, compared to a 4.4 percent increase in May. However, grocery prices rose by 9.1 percent in June. While the latest projections indicate a gradual deceleration in price growth, one analyst does not rule out a rise in the coming months. Royce Mendes, an analyst at Desjardins bank, stated that inflation is not expected to reach 2 percent until mid-2025. Transport Minister Omar Alghabra praised the news on Twitter, highlighting that Canada’s inflation rate is lower than that of several other countries including the US, Japan, France, UK, and Australia.

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