Inflation eases to 2.8% in June as gas prices fall on Middle East peace talks
Statistics Canada reports prices cooled month-over-month, though grocery costs remain elevated at 3.9% annually as fresh fruit price hikes ease.
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Canada's annual inflation rate eased back below three per cent in June as motorists paid less to fill up the gas tank, Statistics Canada reported.
Inflation slowed to 2.8 per cent in June, down from 3.2 per cent in May and lower than most economists expected. Inflation had surged over the spring on the back of higher oil prices tied to conflict in the Middle East, but those costs fell 10 per cent in June as peace talks progressed between the United States and Iran.
Month-over-month, inflation was unchanged from May when gas prices are removed from the calculation. Prices at the grocery store, meanwhile, were up 3.9 per cent year-over-year in June, though that marked a slowdown from May as price hikes eased on fresh fruit.
By the numbers
What was Canada's inflation rate in June 2026?
Canada's annual inflation rate was 2.8% in June 2026, down from 3.2% in May 2026.
How much did oil prices fall in June 2026?
Oil costs fell 10% in June 2026 as peace talks progressed between the United States and Iran.
What was Canada's grocery inflation rate in June 2026?
Grocery prices in Canada were up 3.9% year-over-year in June 2026, though that marked a slowdown from May as price hikes eased on fresh fruit.
