Canada: Inflation falls in July
Consumer prices increased 0.13% in July over the previous month, coming in below June’s 0.66% rise. In July, much lower fuel prices partially offset higher prices for food, housing and recreation and culture.
Inflation fell from 8.1% in June to 7.6% in July. Finally, core inflation dipped from 6.2% in June to 6.1% in July. The figures will be welcome news for the Bank of Canada, but are unlikely to stop the Bank from pursuing aggressive rate hikes for the remainder of the year in a bid to bring inflation back to target.