Inflation slows to 7.6 per cent in July: Statistics Canada

The year-over-year inflation rate slowed to 7.6 per cent in July, Statistics Canada reported Tuesday, with the deceleration largely driven by a decline in gas prices even as prices for food, rent and travel continued to rise.

Macklem said he understands that higher interest rates add to Canadians’ financial challenges, but that raising borrowing costs is the best way to rein in the rising cost of living.Photo by Blair Gable“It’s by raising borrowing costs in the short term that we will bring inflation down for the long term. This will ultimately be better for everyone because high inflation hurts us all.

Economists are widely expecting the Bank of Canada to raise its key interest rate by three-quarters of a percentage point on Sept. 7. The Statistics Canada report echoes the most recent inflation data out of the United States, which saw the rate of price increases drop to 8.5 per cent in July from 9.1 per cent the previous month — also due in large part to a drop in prices at the pump.

Tu Nguyen, an economist with accounting and consultancy firm RSM Canada, said the “pervasiveness” of inflation across the economy means there’s still a ways to go before pressure on Canadians’ finances eases substantially.Article content

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Inflation slows to 7.6 per cent in July, Statistics Canada says | National NewswatchNational Newswatch: Canada's most comprehensive site for political news and views. Make it a daily habit.
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