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Canada CPI slowed to 7.6% yoy in Jul, as gasoline prices fell

Canada CPI slowed from 8.1% yoy to 7.6% yoy in July, matched expectations. Excluding gasoline, prices accelerated from 6.5% yoy to 6.6% yoy. Gasoline prices slowed sharply from 54.6% yoy to 35.6% yoy.

For the month, CPI rose 0.1% mom, lowest since December. Gasoline prices dropped -9.2% mom, largest monthly decline since April 2020.

CPI common rose from 4.6% yoy to 5.5% yoy, above expectation of 4.7% yoy. CPI median rose from 4.9% yoy to 5.0% yoy, above expectation of 4.9% yoy. CPI trimmed slowed from 5.5% yoy to 5.4% yoy, matched expectations.

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