RTTNews - Canadian consumer prices fell 0.3% in June compared with June 2008, following a 0.1% increase in May, according to data released Friday by Statistics Canada. It was the first 12-month decline in the all-items Consumer Price Index (CPI) since November 1994.
The decrease was due primarily to a 12-month decline of 19.0% in prices for energy products, particularly gasoline. Excluding energy, the CPI rose 2.1% in June.
The results were in line with analysts expectations.
Gasoline prices fell 24.3% between June 2008 and June 2009, following a 12-month decline of 25.1% in May.
Nationally, the average retail price for regular, unleaded gasoline at self-service stations has been volatile, climbing to a peak of 136.6 cents per litre in July 2008 before reaching a low of 76.5 cents per litre in December 2008. In June 2009, unleaded gasoline prices at self-service stations averaged 101.6 cents per litre compared with 135.1 cents per litre in June 2008.
Of the eight major components in the CPI, three recorded declines in the 12 months to June: transportation; shelter; and clothing and footwear. The most significant downward contributor was transportation, which includes lower prices for gasoline, as well as purchasing passenger vehicles.
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