Inflation slowed down in July, but food prices increased at a fast pace

Inflation was cooled in July, thanks to a large extent for relief at gas pumps, but statistics Canada said the cost of grocery and shelter was intensifying last month.

The annual rate of inflation fell to 1.7 percent in July, below 1.9 percent in June on Tuesday.

Grocery stores increased by 3.4 percent annually, which increased by 2.8 percent in June. sweet shop And coffee products saw a big jump in July, which contained that cocoa and coffee beans were bound by difficult rising conditions in countries producing.

Meanwhile, fresh grape prices were around 30 percent, which increased the total cost for fresh fruit in July to 3.9 percent in June.

The agency also says that the prices of gasoline were 16.1 percent less year after year, which is largely thanks to the removal of consumer carbon prices.

Gas prices were 0.7 percent lower on a monthly basis after the increase in production from oil-export countries and the conflict in the conflict between Israel and Iran.

Since February 2024, shelter inflation increased by 2.9 percent in June to three percent in June.

The price of rent occurred in July, especially in Prince Edward Island, Newfoundland and Labrador and British Columbia. The low mortgage cost is still controlling the overall increase in shelter inflation.

Prices for natural gas, meanwhile, fell to some extent compared to June, thanks to the high cost in most of Ontario.

The Bank of Canada must have been passing the inflation figures as it prepares for its next interest rate decision on 17 September.

Statescan stated that the central bank’s preferred measures for core inflation, which removes a more volatile price change, remain about three percent stable in July.