Statistics Canada says Canada’s inflation rate tumbled to 2.8 per cent in June, putting it within the Bank of Canada’s target range for the first time in more than two years.
Statistics Canada’s consumer price index report Tuesday says the deceleration was broad-based, though lower gasoline prices compared with last year led the slowdown.
But Canadians continue to pay substantially higher prices for groceries, as prices rose 9.1 per cent year-over-year, slightly faster than in May.
The annual inflation rate was 3.4 per cent in May. The last time it fell below three per cent was March 2021.
The Bank of Canada raised interest rates again earlier this month, in part because it’s now projecting inflation to stay high for longer….