Canada inflation edges down

Inflation in Canada eased off slightly in July from its blistering pace thanks in part to lower fuel prices, but food costs continued to soar, government data released Tuesday showed.

Inflation stood at 7.6 per cent year-on-year after peaking at a four-decade high of 8.1 per cent in June, according to Statistics Canada.

On a monthly basis, consumer prices rose 0.1 per cent in July, the seventh consecutive monthly increase.

"Consumers paid 9.2 per cent less for gasoline in July compared with the previous month, the largest monthly decline since April 2020," the national statistical office reported.

Excluding gasoline, however, prices jumped 6.6 per cent year-on-year in July.