Canada's inflation rate tumbles to 2.8 per cent in June even as grocery prices remain high

Statistics Canada says Canada's inflation rate tumbled to 2.8 per cent in June, putting it within the Bank of Canada's target range.

Statistics Canada says Canada's inflation rate tumbled to 2.8 per cent in June, putting it within the Bank of Canada's target range for the first time in more than two years.

The annual inflation rate was 3.4 per cent in May. The last time it fell below three per cent was March 2021. Tuesday's report shows inflation falling within the central bank's one to three per cent range, though the Bank of Canada has been adamant that it's aiming for two per cent inflation. The federal agency says exclude mortgage interest costs, the annual inflation rate would have been two per cent.

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