Consumer inflation dropped in July to 1.7 per cent, says StatsCan

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Consumer inflation in Canada rose by less than expected in July, according to Statistics Canada, as falling gasoline prices offset price increases elsewhere, including for groceries.

The Consumer Price Index (CPI) in July was measured at 1.7 per cent compared to the same month in 2024, which is down from June’s reading of 1.9 per cent.

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Most economists were expecting the July inflation report to match the June result of 1.9 per cent.

The Bank of Canada has a target range for inflation of between one and three per cent, and July’s report marks the fourth straight month that inflation’s growth fell below the central bank’s mid-point target of two per cent.

Tariffs and supply disruptions, including from the trade war with the United States and China, remains a threat to price stability, as noted previously by the Bank of Canada.

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More to come.