Canada’s annual inflation rate cooled more than expected to 2.8% in June, data showed today, as gasoline costs fell sharply after the US and Iran signed their memorandum of understanding to end the war.<\/p>\n
The war has since then flared up again in the Middle East and gasoline costs have started inching up.<\/p>\n
The Consumer Price Index on a month on month basis decelerated by 0.4%, Statistics Canada said.<\/p>\n
Analysts polled by Reuters had forecast an annual inflation rate of 2.9% and a monthly inflation rate of -0.2% in June.<\/p>\n
Canada’s consumer price index had clocked a 29-month high of 3.2% in May, breaching the Bank of Canada’s control range of 3% in more than two years.<\/p>\n
Gasoline prices were the biggest contributor to the easing in inflation rate with price of the fuel purchased at the pump falling by over 10% in June, StatsCan said. On a year over year basis, gasoline costs rose at a rate of 20.5% in June, down from a rise of 33.2% in the prior month.<\/p>\n
Excluding gasoline, the CPI was unchanged in June compared with May, at 2.2%, StatsCan said.<\/p>\n
Due to a continued increase in gasoline prices, transportation costs, which accounts for around 18% of the CPI basket, rose by 6.7% in June on an annual basis.<\/p>\n
Other items in the basket that grew at more than 3% were food, which rose by 3.5% in June, and the recreation, education and reading category, which increased by 3.8%, data showed.<\/p>\n
However, the rise in grocery prices cooled slightly with the cost of food purchased from stores rising by 3.9% on an annual basis last month, down from 4.3% in May. June was the 17th consecutive month that grocery price inflation outpaced the all-items CPI.<\/p>\n","protected":false},"excerpt":{"rendered":"Canada’s annual inflation rate cooled more than expected to 2.8% in June, data showed today, as gasoline costs…\n","protected":false},"author":2,"featured_media":320749,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-559194","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/559194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=559194"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/559194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/320749"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=559194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=559194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=559194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}