Canada’s inflation rate slows in July
Food prices at grocery stores spiked by nearly 10% on a yearly basis in July, spurred largely by higher prices for bakery goods (up 13.6% year over year), eggs (up 15.8%) and fresh fruit (up 11.7%).
While that overall inflation figure is still far above the Bank of Canada’s target of 2%, it marks a welcome decline for a measure that has continued to balloon throughout 2022.
In June, the inflation rate hit 8.1% – its highest level for nearly 40 years. That rising figure has been a major factor in a series of interest rate hikes announced by the Bank of Canada this year, with the central bank’s next announcement, on September 07, expected to include another large rate increase.