Canada's inflation rate eases to 7.6% in July

ANKARA

Canada's annual consumer inflation rate decreased to 7.6% in July, down from the 39-year high of 8.1% in June, thanks to slower year-over-year growth in gasoline prices, according to data released by Statistics Canada on Tuesday.

"Gasoline prices rose 35.6% year over year in July after a 54.6% increase in June. Consumers paid 9.2% less for gasoline in July compared with the previous month, the largest monthly decline since April 2020," it said in a statement.

Prices of transportation rose by 14.4% on a yearly basis in July, food 9.2%, shelter 7%, and education and reading by 6.2%.

On a monthly basis, the consumer prices index increased for the seventh consecutive month in July, up 0.1% from June. The figure registered the slowest rise so far this year.