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Inflation in Canada falls to 7.6%

Down from June's 39-year high of 8.1 per cent

Shoppers are pictured buying groceries in Vancouver earlier this year.

Shoppers are pictured buying groceries in Vancouver earlier this year.

Photo:  CBC News / Ben Nelms

RCI

Canada's inflation rate fell to 7.6 per cent in July, according to a report Tuesday from Statistics Canada.

In June, inflation hit a 39-year high of 8.1 per cent, with gasoline prices the single biggest contributor to the overall rate increase.

By contrast, gasoline prices declined on a monthly basis in July, the data agency said. Non-durable goods like natural gas and groceries rose.

Higher prices for services like flights, restaurant meals and hotel stays were notable contributing factors to the month-over-month increase.

CBC News

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