Canada Inflation Cools to 2.7% in June, Resuming Slowing Trend

By Robb M. Stewart

OTTAWA--Canada's annual inflation rate resumed its easing trend last month thanks to a deceleration in prices at the pump and a fall in the cost of durable goods.

The country's consumer price index in June rose 2.7% from a year earlier, Statistics Canada said Tuesday. The pace was in line with what the market had anticipated, according to economists at TD Securities, and follows a surprise pickup in inflation to 2.9% in May.

On a month-over-month basis, prices fell 0.1%, against expectations for a modest 0.1% advance for the month. On a seasonally adjusted basis, CPI was up 0.1% from the previous month.

Meanwhile, the average of the Bank of Canada's preferred trimmed mean and weighted median measures for underlying inflation eased modestly to 2.75% on-year last month from 2.80% in May. The average of the measures has cooled in four or the last five months.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

07-16-24 0850ET