Tuesday, August 16, 2022

Inflation rate declines, but not food

Canada's inflation rate declined to 7.6 per cent in July, the first decline in a year, reports Statistics Canada.

But food inflation increased to 9.9 per cent, led by  bakery products, non-alcoholic beverages, eggs and fresh fruit.

In June, inflation hit a 39-year high of 8.1 per cent, with gasoline prices the single biggest contributor to the overall rate increase.

By contrast, gasoline prices declined by 9.2 per cent from June.