Inflation Slows to 1.7 Percent in July: StatCan

A man pumps fuel into his car at a gas station in Toronto on April 22, 2014. Reuters/Mark Blinch

Canada’s inflation rate slowed to 1.7 percent on a year-over-year basis in July compared to 1.9 percent the month before, according to Statistics Canada.

The agency said in its Aug. 19 report that lower gasoline prices led to the decline in the Consumer Price Index (CPI), falling 16.1 percent year over year in July, compared to a 13.4 percent decline in June.