INFLATION GECREASES IN JULY!
Thursday Aug 18th, 2022
Year-over-year inflation in Canada recorded its first deceleration since June 2021 last month, with the national statistics agency revealing that the annual inflation rate was 7.6% in July.
That also represented the smallest monthly increase since December 2021, Statistics Canada said on Tuesday, as gas price growth finally began to slow – rising by 35.6% on a yearly basis in July compared with 54.6% the previous month.
The overall inflation figure is still far above the Bank of Canada’s desired target rate of 2%.
In June, the inflation rate hit 8.1% – its highest level for nearly 40 years. That rising figure has been a major factor in a series of interest rate hikes announced by the Bank of Canada this year, with the central bank’s next announcement, on September 07, expected to include another large rate increase.