Statistics Canada says the year\u002Dover\u002Dyear inflation rate slowed in July. The inflation rate hit a nearly 40\u002Dyear\u002Dhigh in June.
The inflation rate hit a nearly 40-year-high of 8.1 per cent in June, but economists were widely expecting inflation to have since slowed.
“Ongoing concerns related to a slowing global economy, as well as increased COVID-19 pandemic public health restrictions in China and slowing demand for gasoline in the United States led to lower worldwide demand for crude oil, putting downward pressure on prices at the pump,” the report said.Article content
Bakery goods are up 13.6 per cent since last year amid higher input costs as the Russian invasion of Ukraine continues to put upward pressure on wheat prices. The prices of other food products also rose faster, including eggs, which are up 15.8 per cent, and fresh fruit, up 11.7 per cent since last year.
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Statistics Canada to release July inflation reading this morning | National NewswatchNational Newswatch: Canada's most comprehensive site for political news and views. Make it a daily habit.
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Statistics Canada to release July inflation reading this morningStatistics Canada is expected to release July's inflation data this morning.
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Statistics Canada to release July inflation reading this morningStatistics Canada is expected to release July's inflation data this morning. Economists believe the inflation rate may have already peaked given the recent drop in gas prices, which fuelled May and June's inflation reading.
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Inflation slows to 7.6 per cent in July, Statistics Canada says | National NewswatchNational Newswatch: Canada's most comprehensive site for political news and views. Make it a daily habit.
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Inflation slows to 7.6 per cent in July: Statistics CanadaStatistics Canada says the year\u002Dover\u002Dyear inflation rate slowed in July. The inflation rate hit a nearly 40\u002Dyear\u002Dhigh in June.
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