Canada’s Consumer Price Index (CPI) rose by approximately 2.8% year-on-year in June, according to figures released moments ago, compared to 3.2% in May. This slowdown was driven by lower gasoline prices, while the core CPI, which excludes gasoline prices, remained unchanged at 2.2%.

On a monthly basis, the index fell by 0.4% in June, the largest decline since December 2024, following a rise of approximately 1% in May. This was slightly below expectations of a 0.2% decrease.

The biggest contributor to the slowdown in inflation in June came from the energy sector, where gasoline prices at the pump rose by 20.5%, compared to 33.2% in May.