Inflation rates decline

Financial experts say yesterday’s decline in the inflation rate is unlikely to prevent another big
jump in interest rates, when Bank of Canada officials meet early next month.
Statistics Canada put July’sincrease in the Consumer Price Index at 7.6 percent, down from the 8.1 percent recorded in June, and the first time the rate declined in more than two years.
But analysts note the drop was solely due to lower gas prices.
Almost everything else is still rising in cost, food prices, for example, are up 9.9 percent over last July.
Bank of Canada Governor Tiff Macklem says, while July’s figures are a “relief,” there’s still much work to do to tame inflation.