Canada Inflation July 2020

Canada

Canada: Inflation eases in July

August 19, 2020

Consumer prices decreased 0.07% from a month earlier on a seasonally-adjusted basis in July, contrasting the 0.96% rise in June. According to Statistics Canada, a steep fall in recreation and education costs drove month-on-month dip in July, while transportation prices also fell slightly.



Inflation decreased to 0.2% in July (June: 0.7%). The print missed market analysts’ expectations of a 0.5% reading, and was well below the Central Bank’s 1.0%–3.0% target range. Meanwhile, annual average inflation ticked down to 1.3% in July from 1.5% the month prior.

FocusEconomics Consensus Forecast analysts, see inflation averaging 0.5% in 2020, which is down 0.3 percentage points from the previous month’s forecast. For 2021, our panelists see inflation averaging 1.6%.


Author:, Economist

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Canada Inflation July 20 20

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
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