Canada’s month-over-month inflation rate has decreased for the first time in a year, after hitting record highs in June.
According to StatCan’s most recent report, the country’s inflation rate dropped to 7.6 percent in July, after a 39-year record 8.1 percent in June.
But, in BC, the rate actually went up, going from 7.9 percent in June to 8 percent in July.
A 9.2 percent drop in gas prices was one of the biggest contributing factors for the country’s decrease, one which was echoed with an 8.3 percent drop in BC.
Clothing prices in the province also dropped by 2.7 percent, while food prices went up by 2 percent, and housing costs rose by 0.5 percent.
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