Canada’s annual inflation rate fell to 1.7% in July from 1.9% in June, driven by lower gasoline prices on a yearly basis, while core inflation indicators remained stable.
According to Statistics Canada, the Consumer Price Index (CPI) rose by 0.3% in July, compared to 0.1% in June.
Gasoline prices registered a yearly decline of 16.1% in July versus 13.4% in June, driven by easing geopolitical tensions and higher oil production. The removal of the carbon tax on gasoline also lowered fuel costs, which is expected to continue putting downward pressure on prices for another eight months.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
