OTTAWA—Canada’s annual inflation rate eased to 1.7 percent in July from 1.9 percent in the prior month as lower year-on-year gasoline prices kept the consumer price index low, but core measures of inflation stayed sticky, data showed on Tuesday.
Analysts polled by Reuters had forecast the annual inflation rate at 1.8 percent and the monthly inflation rate at 0.3 percent. The CPI increased by 0.3 percent in July from 0.1 percent in June on a monthly basis, Statistics Canada said.
Gasoline prices dropped by 16.1 percent on a yearly basis in July, following a 13.4 percent decline in June. On a monthly basis the price of he fuel dropped as geopolitical tensions eased and crude oil producing nations increased output….