Canada inflation slows in July 2020

Canadians paid 0.1% more for goods and services in July than a year earlier, the government statistical agency said on Wednesday, August 19.According to Statistics Canada, prices for passenger vehicles and car insurance, meat and restaurant meals, as well as homes rose, while the costs of gasoline, hotels, airfare, telephone services, and computers fell.

Many flights remained canceled as a result of the coronavirus pandemic, but airlines started offering incentives such as reduced fees, discounts, and promotions to entice travelers back to the skies. Hotel rates also fell 27%, dropping for a 3rd consecutive month. And gasoline prices fell for a 5th month in a row.

Beef prices marked the largest monthly decline since August 2003, as production gradually returned to pre-COVID-19 levels. Pork prices were down too, but chicken prices bounced back on stronger demand at the start of the summer barbecue season. Consumers also paid less in June for"multipurpose digital devices" as the telecommunications sector sought to clear inventories prior to the release of new smartphone models.

Source: Holiday News (holidaynews.net)

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