Canada: Inflation drops in June
Inflation eased to 2.8% in June, following May’s 3.4%. June’s result marked the lowest inflation rate since March 2021 and undershot market expectations. Looking at the details of the release, price pressures for clothing, transport and recreation and culture eased in June.
Annual average inflation fell to 5.6% in June (May: 6.0%). Meanwhile, core inflation fell to 3.2% in June, from May’s 3.7%.
Lastly, consumer prices increased 0.13% from the previous month in June, a smaller increase than May’s 0.38% rise. June’s result marked the weakest reading since December 2022.