Canadian inflation slows more than expected in June

Data released today showed that the rate of inflation in Canada slowed more than expected during the month of June, from its highest level in a decade in May, with the decline in food, transportation and clothing costs, and the general measure of the consumer price index fell to 1.7% in June from 1.8% In May . Statistics Canada said that inflation in Canada fell to 3.1% in June, compared to 3.6% in May. Analysts had expected inflation in Canada to record 3.2% in June, and the Bank of Canada had expected earlier this month that inflation would remain at 3 % or higher .

Gas prices increased year-on-year by 32.0% in the twelve months to June compared to 43.4% in May, while beef prices declined year-on-year by 11.0% in June compared to June 2020.