Inflation falls to 2.7 per cent in July
Posted Aug 19, 2011 07:09:52 AM.
This article is more than 5 years old.
OTTAWA – Canada’s annual inflation rate slowed to 2.7 per cent year-over-year in July, from 3.1 per cent in June, Statistics Canada said Friday.
The core rate, which is used by the Bank of Canada to help guide its decision on interest rates, climbed to 1.6 per cent from 1.3 per cent.
Energy prices were the main driver of the increase in prices, gaining 12.9 per cent compared with a year ago, however that was down from a 15.7 per cent increase in June.
Gasoline prices were up 23.5 per cent compared with a year ago, compared with a 28.5 per cent increase in June.
Food prices were up 4.3 per cent, matching their increase in June. Excluding food and energy prices the consumer price index increased at a pace of 1.2 per cent for July, compared with a 1.4 per cent increase for June.
