Canada's consumer inflation eases to 7% in August

By Ovunc Kutlu

ANKARA (AA) - Canada's annual consumer inflation eased to 7% in August, according to data released by Statistics Canada on Tuesday, recording the second consecutive slowdown in the year-on-year consumer price growth.

While the market expectation for consumer inflation was to show an annual gain of 7.3%, the figure slowed from a 7.6% year-on-year gain in July and it is a significant decline from the 39-year high of 8.1% in June.

Gasoline prices annually rose less in August at 22.1%, compared with July at 35.6%, Statistics Canada said in a statement.

On a monthly basis, gasoline prices fell 9.6% following a 9.2% decline in July – the largest monthly decrease since April 2020, it added.

The consumer price index on monthly basis fell 0.3% in August, the largest monthly decline since the early months of the coronavirus pandemic, according to Statistics Canada.

While the consumer price index was expected to show a monthly decline of 0.1%, it increased 0.1% in July.