The Canadian annual inflation rate apparently dipped below 3% in June as transient price drops in gasoline eased price pressures.
Fuel costs spiked momentarily in early July but are projected to rise further by August, which may reverse some of the relief observed last month.
Core price growth, which excludes energy and food, held steady in spite of the slowdown.
Analysts point to energy cost fluctuations as the main driver behind June’s dip, but still overall inflationary pressure remained in other groups.