Canada’s yearly inflation rate probably dipped below 3% in June as short-lived price drops in gasoline eased inflation pressures.
Petrol prices rose momentarily in early July but are forecasted to rise further by August, which may offset some of the relief recorded last month.
Core price growth, which excludes energy and food, held steady in spite of the slowdown.
Economists point to energy price swings as the main driver behind June’s dip, though overall price stress remained in additional sectors.