Canada's Inflation Rate Cools to 2.8% in June

Canada's Consumer Price Index (CPI) inflation rate cooled more than expected in June, according to Statistics Canada. The annualized CPI decreased from 3.2% in May to 2.8% in June, marking its largest monthly decline since 2024.

The Bank of Canada's key measures of core inflation also continued to cool, with CPI-Median declining from 2.1% in May to 1.9% in June and CPI-Trim decreasing from 2% to 1.8% over the same period.

Gasoline prices accounted for most of the decrease in June's CPI, cooling from 33.2% in May (annualized) to 20.5% in June.