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- Canada’s annual inflation decelerates much more than forecast in July
Canada’s annual inflation decelerates much more than forecast in July
Statistics
Canada reported on Wednesday the country’s consumer price index (CPI) edged down
0.1 percent m-o-m in July, following a 0.8 percent m-o-m gain in the previous
month.
On the y-o-y basis, Canada’s inflation rate increased 0.1 percent last month after climbing 0.7 percent in June.
Economists had
predicted inflation would increase 0.4 percent m-o-m and 0.5 percent y-o-y in July.
According to
the report, prices rose in five of the eight major components on a
year-over-year basis in July, but mostly at a slower pace than in June.
Meanwhile, the cost of transport dropped (-1.0 percent y-o-y), mainly due to lower
air transportation prices (-8.6 percent y-o-y), which fell for the first time
on a year-over-year basis since December 2015, as airlines were offering
various incentives such as reduced fees, discounts and promotions to encourage
a return to travel following restrictions due to the COVID-19 pandemic. In
addition, prices declined in clothing and footwear (-2.0 percent y-o-y) and recreation,
education and reading (-4.0 percent y-o-y).
The
closely watched the Bank of Canada's core index rose 0.7 percent y-o-y in July after
a 1.1 percent gain in June.
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