Decreasing inflation in Canada: development of the Consumer Price Index in June
July 16, 2024
The Consumer Price Index (CPI) rose by 2.7% year-on-year in June, down from 2.9% in May. The slowdown in inflation was mainly due to slower growth in gasoline prices, which rose by only 0.4% in June, after a 5.6% increase in May. The CPI excluding gasoline showed an annual increase of 2.8% in June. A 1.8% decline in prices of consumer durables also contributed to the slowdown in the overall CPI.