Canada’s annual inflation rate dropped to 2.7% in June, primarily due to a slower increase in gasoline prices, according to Statistics Canada.

On Tuesday, the agency reported that gasoline prices saw a modest rise of 0.4% in June, following a significant 5.6% increase in May. When gasoline is excluded, the consumer price index went up by 2.8% in June.

Statistics Canada also noted that falling prices for durable goods contributed to the overall slowdown, with a 1.8% year-over-year decrease in June after a 0.8% decline in May.

Conversely, grocery prices increased by 2.1% year-over-year in June, up from a 1.5% rise in May compared to the same period last year.

The annual inflation rate for May stood at 2.9%.

This latest inflation data comes ahead of the Bank of Canada’s next interest rate decision, scheduled for July 24.

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