Toronto: Canada's annual inflation rate decreased to 1.7% in July, down from 1.9% in June, as reported by official figures on Tuesday. Statistics Canada highlighted that the primary factor contributing to the decline in inflation was the significant drop in gasoline prices, which fell 16.1% year-on-year in July.

According to Anadolu Agency, while gasoline prices saw a notable decrease, other sectors experienced different trends. Shelter costs increased by 3.0% compared to the previous year, following a 2.9% rise in June. Rent prices also saw a substantial increase, climbing 5.1% year-on-year in July, up from a 4.7% gain in June.

Food prices purchased from stores rose at an accelerated pace, with a 3.4% year-on-year increase in July, compared to 2.8% in June. Excluding gasoline, the annual inflation rate in July would have been 2.5%, indicating the significant impact of energy prices on the overall inflation rate.

On a monthly basis, Canada's inflation rate recorded a 0.3% increase.