Ekonomické zprávy
16.07.2024

Canada’s annual inflation slows to 2.7 per cent in June,

Statistics Canada announced on Tuesday the country’s consumer price index (CPI) slipped 0.1 per cent m-o-m in June, following an unrevised 0.6 per cent m-o-m jump in the previous month. This represented the first monthly decrease in CPI since December 2023 (-0.3 per cent m-o-m).

On a y-o-y basis, Canada’s inflation rate showed a 2.7 per cent rise last month, slowing from an unrevised 2.9 per cent in May.

Economists had predicted inflation would increase by 0.1 per cent m-o-m and 2.8 per cent y-o-y in June.

According to the report, the June deceleration in the headline CPI was mainly due to a slower year-over-year growth in gasoline prices (+0.4 per cent y-o-y compared to +5.6 per cent y-o-y in May) and a decline in prices for durable goods (-1.8 per cent y-o-y). Meanwhile, moderating the slowdown was a climb in prices for food purchased from stores (+2.1 per cent y-o-y) and a softer decline for cellular services (-12.8 per cent y-o-y compared to -19.4 per cent in May). 

Meanwhile, the trimmed-mean CPI – the preferred measure of core inflation of the Bank of Canada - surged 2.9 per cent y-o-y in June, the same pace as in the previous month. Economists had foreseen a soar of 2.8 per cent y-o-y.

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