Canada's inflation rate falls to 2.8%

Canada's inflation rate fell to 2.8 per cent in June, its lowest level in more than two years.

Canada's inflation rate fell to 2.8 per cent in June, its lowest level in more than two years.

Statistics Canada said a sharp decline in the price of gasoline compared to this time last year was the biggest reason for the drop, which brought Canada's official inflation rate down to its lowest point since March 2021.

Gasoline prices were 21 per cent lower during the month than they were the same month a year earlier.

Another factor pushing down the increase in the cost of living was telecommunications services, which fell by 14.7 per cent compared to what they were a year ago.