The Canadian Statistics Office issued yesterday, Tuesday, the inflation data in the country for the month of June, most of which came out negative and were significantly lower than market expectations.

In this regard, official data revealed a contraction in Canadian inflation, with a decrease of 0.1% on a monthly basis, contrary to market expectations that suggested a slowdown in inflation growth in Canada to 0.1%. It is worth noting that the previous reading for the index recorded a growth of 0.6% in May.

On a yearly basis, annual inflation growth slowed to 2.7% in June, with the index stabilizing at 2.9% by the end of May.

On the other hand, the growth in the core consumer price index recorded 2.9% during June, exceeding market expectations that anticipated a slowdown in the index growth to 2.8%, and it was lower compared to the previous reading for May, which stabilized at 2.9%.

Inflation in the general consumer price index also recorded an increase of 2.3%, which is a negative reading and lower than market expectations that predicted the index would grow at the same rate that general inflation in Canada grew in May, which was 2.4%.

Additionally, the growth in average consumer prices slowed to 2.6% by the end of June, while markets had expected a slowdown in the index growth to 2.7%.

The previous reading for May revealed that the index had stabilized at 2.8% and was revised down to 2.7%.