Our country’s annual rate of inflation slowed in June, according to Statistics Canada.
The Consumer Price Index stood at 2.7 per cent, down from 2.9 per cent in May.
The deceleration was largely due to slower growth in gasoline prices, according to the agency’s latest monthly report.
Year over year, gasoline prices rose 0.4 per cent in June compared with 5.6 per cent in May.
Also contributing to the slowdown, said StatCan, was a 1.8 per cent drop in prices for durable goods.
Moderating the deceleration were grocery prices, which saw growth accelerate for the second consecutive month.
Food costs increased 2.1 per cent on a year-over-year basis in June compared to 1.5 per cent in May.
For comparison, prices for food purchases from stores increased by nearly 22 per cent over the past three years.
Price growth for dairy products, fresh vegetables, non-alcoholic beverages, as well as preserved fruit and fruit preparations accelerated year over year in June.
Moderating the increase in grocery prices were prices for fresh fruit, which fell to a greater extent in June compared with May.
Provincial inflation numbers
Prices rose at a slower pace in June compared with May in six provinces, according to the report from StatCan.
Nova Scotia (3.5 per cent), Prince Edward Island (3.4 per cent), Ontario (3.0 per cent), Alberta (3.0 per cent), and New Brunswick (2.8 per cent) had the highest rates of inflation.
That was followed by British Columbia (2.6 per cent), Newfoundland and Labrador (2.3 per cent), Quebec (2.2 per cent), Manitoba (1.4 per cent), and Saskatchewan (1.4 per cent).
The full report can be found on Statistics Canada’s website.
