Canada price pressure eases after May peak
OTTAWA – After hitting an eight-year high in May, inflation yielded somewhat in June, while consumers bought more than was expected.
Statistics Canada reports that consumer prices rose 3.1 percent — primarily the result of higher prices for gasoline and food — down from the sharp 3.7 percent increase posted in May.
The monthly drop was largely the result of lower prices for passenger vehicles and traveller accommodations.
Stats Canada also reports that retail sales got an unexpected 0.1 percent boost due to higher gas prices and solid sales in gardening and home hardware goods.
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