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Steep drop in Canadian inflation | Steep drop in Canadian inflation |
(about 2 hours later) | |
A sharp fall in petrol prices has seen Canada's annual rate of inflation drop by the largest amount in 56 years. | |
Consumer prices fell by 0.9% in July compared with the same month a year earlier - technically deflation. It follows a fall of 0.3% in June. | Consumer prices fell by 0.9% in July compared with the same month a year earlier - technically deflation. It follows a fall of 0.3% in June. |
Prices at the petrol pump were more than 28% cheaper last month than in July 2008, official figures show. | Prices at the petrol pump were more than 28% cheaper last month than in July 2008, official figures show. |
However lower fuel costs were partially offset by an increase in the price of food, the government said. | However lower fuel costs were partially offset by an increase in the price of food, the government said. |
The consumer price index measures a basket of essential purchases, including housing, clothes, shoes and transportation. | The consumer price index measures a basket of essential purchases, including housing, clothes, shoes and transportation. |
The negative reading was the largest since July 1953 when it fell 1.4% according to Statistics Canada. | The negative reading was the largest since July 1953 when it fell 1.4% according to Statistics Canada. |
However the decline in prices comes amid a more upbeat overall economic outlook with the country's central bank last month predicting a return to growth in the third quarter of 2009. | However the decline in prices comes amid a more upbeat overall economic outlook with the country's central bank last month predicting a return to growth in the third quarter of 2009. |
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