Canada’s Consumer Price Index (CPI) grew by 1.7% year-on-year in July, according to figures released just a few moments ago, down from June’s 1.9%. The core CPI, which excludes gasoline prices, rose by 2.5% year-on-year.
On a monthly basis, the index rose by 0.3% in July after growing by 0.1% in June, matching expectations.
This stability in inflation comes after gasoline led the decline in consumer energy prices, falling by 16.1% in July after a 13.4% decline in June. Housing prices rose by 3% after a 2.9% increase in June, with natural gas and rents rising. Natural gas prices fell by a smaller margin in July, falling by 7.3% from 14.1%, while rents rose by 5.1%, compared to a 4.7% increase in June. The Canadian dollar is trading at 1.3830 against the US dollar, trading lower after the release of figures that fell short of expectations.