{"id":13107,"date":"2026-07-20T14:35:32","date_gmt":"2026-07-20T14:35:32","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=13107"},"modified":"2026-07-20T18:01:44","modified_gmt":"2026-07-20T18:01:44","slug":"canadian-inflation-eases-in-june","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-inflation-eases-in-june\/","title":{"rendered":"Canadian inflation eases in June"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 id=\"h-the-bottom-line\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-c75936e627370431cdc0e4879696a373\">The Bottom Line:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A pull-back in headline inflation was widely expected in June with oil prices moving lower in after surging earlier this year, but broader measures of price growth outside of energy prices also surprised on the downside.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CPI growth slowed to 2.8% year-over-year in June from 3.2% in May, in line with our expectations. Gasoline prices fell 10% from May and other fuel prices declined 6.3%, partially reversing their sharp increases earlier this spring. Food price growth remained&nbsp;firm, easing only modestly to 3.5% from 3.8% in May. For households, though, gasoline remained substantially more expensive than a year ago despite the monthly decline, continuing to weigh on purchasing power.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But underlying inflation pressures outside of food and energy costs surprised broadly on the downside. CPI excluding food and energy remained below target, while the Bank of Canada&#8217;s preferred measures, CPI-trim and CPI-median, also dipped below 2%. Measures&nbsp;of inflation breadth were also contained, with limited evidence that earlier increases in input costs had spread significantly across the CPI basket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That distinction remains central to the Bank of Canada&#8217;s assessment. Policymakers cannot directly influence global commodity prices and are instead focused on whether cost increases generate persistent second-round pressure across a wider range of goods and&nbsp;services. The June report showed little evidence of that process taking hold.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, June&#8217;s report was consistent with the Bank of Canada&#8217;s latest assessment that underlying inflation remains close to target. Although the path for headline inflation remains highly sensitive to unpredictable global developments, contained broader price&nbsp;pressures and firming economic growth support our view that the Bank will keep the overnight rate unchanged through the remainder of 2026.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-Ai6D7Bql-\" class=\"everviz-Ai6D7Bql-\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<h4 id=\"h-the-details\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-30f57298bbf8ead15134d747597f5622\">The details:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list mar-l-qtr mob-mar-l-qtr\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Headline CPI fell 0.1% m\/m on a seasonally adjusted basis in June, lowering the annual rate to 2.8% from 3.2% in May. This matched our expectations and came in slightly below pre-release market consensus.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Energy price growth slowed to 14.3% y\/y from 22.2% the prior month. Gasoline declined 10% m\/m and fuel fell 6.3%. Despite the monthly drop, gasoline remained 20% higher than a year earlier, down from a 33% annual pace in May.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Food price inflation eased modestly to 3.5% y\/y from 3.8%. Grocery prices edged down to 3.9% from 4.3%, while restaurant prices moderated to 2.7% from 3.1%.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">CPI excluding food and energy rose 1.8% y\/y, up slightly from 1.6% the prior month but still below the 2% target, continuing to point to subdued price growth outside volatile categories.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Growth in the Bank of Canada&#8217;s preferred core measures edged lower. CPI-trim slowed to 1.8% and CPI-median to 1.9%, leaving their average at 1.9%, down from 2.1% in May.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The trim services excluding shelter measure, sometimes referred to as &#8220;supercore,&#8221; was 2.3% y\/y compared with 2.5% the prior month. The three-month average annualized rate was 2.0%, down from 2.6%.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Measures of inflation breadth were largely unchanged. The share of CPI basket components growing faster than 3% over the past three months was 36%, compared with 37% the prior month and 41.2% in January. The diffusion index showed no meaningful broadening in\u00a0price pressures.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Traveler accommodation prices jumped 10% y\/y in June, up from 2.5% in May, though this category carries relatively small weight and added little to headline growth. StatsCan attributed the increase to Toronto and Vancouver, both host cities for the World Cup.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Shelter price growth was 1.6% y\/y, compared with 1.7% the prior month. Rent inflation held steady at 3.5%, while mortgage interest costs continued their downward trend.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a5f83e671179&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a5f83e671179\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"8946\" height=\"9507\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/CPI-table-0720.png\" alt=\"\" class=\"wp-image-13134\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/CPI-table-0720.png 8946w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/CPI-table-0720.png?resize=282,300 282w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/CPI-table-0720.png?resize=768,816 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/CPI-table-0720.png?resize=964,1024 964w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/CPI-table-0720.png?resize=1445,1536 1445w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/CPI-table-0720.png?resize=1927,2048 1927w\" sizes=\"auto, (max-width: 8946px) 100vw, 8946px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the author:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Abbey Xu <\/strong><em>is an economist at RBC. She is a member of the macroeconomic analysis group, focusing on macroeconomic forecasting models and providing timely analysis and updates on economic trends.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":9674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[83,93],"tags":[115,11,65],"rbc_econ_content_type":[],"class_list":["post-13107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-data-flashes","tag-canada","tag-economy","tag-inflation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - 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