Jul 18, 2023
By Jane Brown
There is good news on Canada’s economy.
The country’s annual inflation rate last month tumbled to 2.8-percent, putting it within the Bank of Canada’s target range.
And while the latest Statistics Canada cost of living index report reveals gas prices are lower compared with June of last year, Canadians are not seeing any relief at grocery stores.
In fact, food prices were up 9.1-percent in June of 2023 from June of 2022, slightly more than the year over year increase in May.
A year ago overall inflation in Canada was running at more than 8-percent.
The central bank raised interest rates earlier this month, in part because of concerns that inflation would stay high for longer.