Canada consumer price index increased 7.6% from July 2021, down from 8.1% the month before. Read on for more from Kevin Carmichael
The deceleration in year-over-year inflation was mostly the result of lower gasoline prices, which increased 35.6 per cent from July 2021, compared with 54.6 per cent the previous month.
Prices for food purchased in stores rose 9.9 per cent on the year, compared with 9.4 per cent in June, led by bakery prices, which are heavily influenced by the price of wheat, and which will almost certainly remain elevated given the supply issues that have resulted from Russia’s invasion of Ukraine.Article content
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