Canada's Inflation Rate Eases to 2.8% in June as Gasoline Prices Cool

Statistics Canada reported Tuesday that the Consumer Price Index rose 2.8% year over year in June 2026, down from 3.2% in May, as gasoline prices cooled sharply. Gasoline was up 20.5% from a year earlier, well below May's 33.2% gain, and fell 10.2% on a month-over-month basis after an interim Middle East ceasefire eased global oil prices.

Excluding gasoline, inflation held steady at 2.2%. Grocery price inflation moderated to 3.9% and shelter cost growth softened to 1.5%. The Bank of Canada's core inflation measures also eased, with CPI-trim at 1.8% and CPI-median at 1.9%.

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