Overview

• Statistics Canada reported a 1.7% annual CPI rate for July, down from 1.9% in June.
• Gasoline prices fell 16.1% year over year, reflecting the removal of the consumer carbon price and lower global crude after higher output and a regional ceasefire.
• Grocery prices accelerated to 3.4% with coffee up 28.6%, confectionary up 11.8% and fresh grapes up nearly 30%.
• Shelter costs rose 3.0% as rent growth picked up in Prince Edward Island, Newfoundland and Labrador and British Columbia, while natural gas declines were smaller in Ontario.
• The Bank of Canada’s preferred core measures hovered around 3% and the three‑month core pace eased to about 2.4% annualized, as markets lifted September cut odds to roughly 40%.