Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada will say today what the country’s inflation barometer read in July. THE CANADIAN PRESS/Sean Kilpatrick

Inflation rate falls to 0.1 per cent as price growth slows, StatCan reports

Statistics Canada says air travel prices fell in July by 8.6 per cent

Statistics Canada says the consumer price index was up 0.1 per cent compared with a year ago, as gasoline prices were down nearly 15 per cent.

Excluding the drop in gasoline prices, the inflation barometer would have increased at an annual rate of 0.7 per cent, matching the same reading for June.

The average economist estimate had been for a year-over-year increase of 0.5 per cent for July, according to financial data firm Refinitiv.

The statistics agency says the slower pace of price growth was broad-based, spanning goods and services.

Statistics Canada says air travel prices fell in July by 8.6 per cent, the first year-over-year decline since December 2015.

It says the result was due to airlines offering incentives for people to travel again, including reduced fees, discounts and promotions even as many flights remained cancelled or suspended because of the pandemic.

READ MORE: Bank of Canada survey says business hiring plans remain muted due to pandemic

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