Canada's inflation rate tumbles to 2.8 per cent in June even as grocery prices remain high
CTV
Statistics Canada says Canada's inflation rate tumbled to 2.8 per cent in June, putting it within the Bank of Canada's target range.
Statistics Canada says Canada's inflation rate tumbled to 2.8 per cent in June, putting it within the Bank of Canada's target range for the first time in more than two years.
Statistics Canada's consumer price index report Tuesday says the deceleration was broad-based, though lower gasoline prices compared with last year led the slowdown.
But Canadians continue to pay substantially higher prices for groceries, as prices rose 9.1 per cent year-over-year, slightly faster than in May.
The annual inflation rate was 3.4 per cent in May. The last time it fell below three per cent was March 2021.
The Bank of Canada raised interest rates again earlier this month, in part because its now projecting inflation to stay high for longer.
The central bank said it expects inflation to hover around three per cent over the next year, before steadily declining to two per cent by mid-2025.
Tuesday's report shows inflation falling within the central bank's one to three per cent range, though the Bank of Canada has been adamant that it's aiming for two per cent inflation.
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