Canada’s core Consumer Price Index (CPI) growth slowed markedly in June 2026, with month-over-month inflation easing to 0.1%, down from 0.6% in May 2026. The data, updated on 20 July 2026, highlight a notable loss of momentum in underlying price pressures.
On a month-over-month basis, the “actual” June figure compares the change in prices from May to June, while the “previous” reading reflects the change from April to May. The sharp deceleration from 0.6% to 0.1% suggests that underlying inflation—stripped of more volatile components—has cooled considerably heading into the summer, potentially influencing expectations around future monetary policy decisions.
Market participants and policymakers will be watching subsequent releases closely to determine whether June’s soft core CPI print marks the start of a more sustained easing trend in Canadian inflation or a temporary moderation following a stronger price gain in May.
