Shelter costs are still the main driver of inflation as Canadians face significantly higher rents and mortgage payments, but prices for travel tours, passenger vehicles and electricity helped drive the headline figure lower.
OTTAWA — Canada’s annual inflation rate fell to 2.5 per cent last month, matching economists' forecasts and solidifying expectations for another interest rate cut in September.
The federal agency noted, however, that shelter price growth slowed last month to 5.7 per cent year-over-year, down from 6.2 per cent in June. "But we think the Bank of Canada will continue their path of interest rate cuts and move again in September, prioritizing economic growth as inflation moderates."
Prices for services were up 4.4 per cent from a year ago, a trend that economists say reflects high wage growth.
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