Ottawa: Canada’s year-over-year inflation rate slowed down to 7.6 per cent in July, the Statistics Canada report released on Tuesday revealed.
The inflation rate hit a 40 years high of 8.1% in June but economists were expecting inflation to slow down.
The Consumer Price Index (CPI) rose 7.6% on a yearly basis in July, down from an 8.1% fiery gain in June. It was a result of slower year-over-year growth in gasoline prices.
Excluding gasoline, prices rose 6.6% year over year in July, following a 6.5% rise in June, as upward pressure on prices remained broad-based, analysis by Consumer Price Index, July 2022 said.
Higher prices of household goods and other things like flights, restaurant meals and hotel stays were draining the pockets of people and and Canadian consumers likely to get some relief from rampant inflation.