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MNI BRIEF: Canada July CPI Slows To 7.6%

(MNI) Ottawa
OTTAWA (MNI)

Canada's inflation rate slowed to 7.6% in July from 8.1% in June as gasoline prices retreated sharply.

The consumer price index rose 0.1% on the month, the seventh straight gain, Statistics Canada said Tuesday. Gasoline prices rose 36% year over year in July compared with June's 55% jump and on a monthly basis they fell 9.2%, partly because of a tax cut in the province of Ontario.

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Canada's inflation rate slowed to 7.6% in July from 8.1% in June as gasoline prices retreated sharply.

The consumer price index rose 0.1% on the month, the seventh straight gain, Statistics Canada said Tuesday. Gasoline prices rose 36% year over year in July compared with June's 55% jump and on a monthly basis they fell 9.2%, partly because of a tax cut in the province of Ontario.

Keep reading...Show less