What was the inflation rate in Canada in July 2022?



What was the inflation rate in Canada in July 2022?

Canada’s year-over-year inflation in July 2022 was 7.6 per cent. In June, that rate was 8.1 per cent. Most of the decrease was driven by lower gas prices. B.C. infamously has the highest gas prices in the country.

How high is inflation in BC?

Inflation may be cooling across most of Canada, but people are still feeling the pinch of higher prices, especially in B.C. where the cost of goods increased slightly in July, according to Statistics Canada. The agency said year-over-year, inflation across the country was 7.6 per cent in July, that’s lower than June when it was 8.1 per cent.

What caused inflation to drop in July?

The agency said year-over-year, inflation across the country was 7.6 per cent in July, that’s lower than June when it was 8.1 per cent. Most of the decrease is driven by lower gas prices. At the same time, some groceries are costing a lot more.

What’s happening to Canada’s inflation rate?

New numbers released by Statistics Canada on Tuesday show that Canada’s year-over-year inflation rate slowed to 7.6 per cent in July, largely driven by a decline in gas prices.