International Courant
Canada’s inflation fell to 2.8 p.c in June, the bottom stage in additional than two years.
Statistics Canada mentioned a pointy drop in gasoline costs in comparison with this time final yr was the largest motive for the drop, sending Canada’s official inflation charge to its lowest level since March 2021.
Gasoline costs had been 21 p.c decrease this month than in the identical month a yr earlier.
If gasoline had been stripped from the info, general inflation would have been 4 p.c.
One other issue slowing the rise in the price of residing was telecommunications companies, which fell 14.7 p.c in comparison with a yr in the past.
“This was the results of each decrease cell knowledge plan costs and promotional pricing,” Statistics Canada mentioned.
Web entry costs are falling
Rogers accomplished the acquisition of rival Shaw in April, and the outcome, at the least within the quick time period, has been a flurry of promotional presents between the telecom giants.
The information bureau famous that web entry costs fell by 3.2 p.c over the previous yr, and by 5 p.c within the month of June alone, the largest one-month drop since 2019.
“This was primarily on account of promotions in Ontario and decrease costs in Quebec,” Statistics Canada mentioned.
On the opposite facet of the ledger, meals and mortgage prices had been the largest single elements driving rates of interest. The price of meals continues to rise by greater than 9 p.c. Mortgage curiosity prices have risen by greater than 30 p.c previously yr.
The brand new inflation knowledge comes simply days after the Financial institution of Canada determined to boost its benchmark rate of interest for the tenth time in simply over a yr.
The financial institution justified its choice by saying extra tightening was wanted to get inflation again to the goal of two p.c. Inflation peaked at 8.1 p.c final June and was 3.4 p.c final month.
Inflation in Canada falls to 2.8%
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