Dropping energy prices help inflation in Canada fall to 1.7%

By Gokhan Ergocun

ISTANBUL (AA) – Canada’s annual inflation rate in July was at 1.7%, down from 1.9% in June, official figures showed Tuesday.

Statistics Canada stated that prices for gasoline led the slowdown in inflation, posting a decline of 16.1% year-on-year in July.

In July, prices for shelter rose 3.0% year-on-year, following a 2.9% increase in June, while rent prices rose at a faster pace year-on-year, up 5.1% in July following a 4.7% increase in June.

Year-on-year, prices for food purchased from stores rose at a faster pace in July – 3.4% – than in June, at 2.8%.

Excluding gasoline, annual inflation in July would be 2.5%.

On a monthly basis, Canada’s inflation rate was 0.3%.