Consumer Price Results Last Month Around the World Varied
July 20, 2026
After today’s morning rundown of news, data releases and financial market changes, Canada released June consumer price figures, showing the biggest month-on-month drop (-0.4%) since the Covid-distorted month of April 2020 and a 0.4 percentage point slowdown in the 12-month rate of increase to 2.8%. That level exceeded the 2.0% target for the ninth time in the past ten months. The trim mean inflation rate of 1.8% was below 2.0% for the first time since August 2020. The biggest drag on inflation came from petrol, whose price dropped around 10% on month and to a 20.5% year-on-year increase versus 33.2% in May.
In June, Iran and U.S. cease-fire talks were happening, and resumed traffic through the Strait of Hormuz promoted a sharp drop in world oil prices. Warfare has since resumed, rendering the outlook for energy prices highly uncertain again.
Most, but not all, economies that have reported June CPI data already experienced some disinflation, but Canada’s drop of 0.4 percentage points was one of the bigger declines. Another particularly large CPI drop happened in the United States to 3.5% from 4.2% in the prior month. Other places with lower inflation in June than May were China (1.0% after 1.2%), Euroland (2.8% versus 3.2%), Switzerland (0.5% vs 0.6%), Turkey (32.1% vs 32.6%), Mexico (3.4% vs 3.9%), Brazil (4.6% vs 4.7%), Ukraine (7.2% after 8.2%), Egypt (14.3% vs 14.6%), Israel (1.6% vs 1.9%) and Sweden (0.7% vs 0.8%).
Alternatively, higher CPI inflation was reported by Russia (6.0% vs 5.3%), South Korea (3.2% vs 3.1%), India (4.4% vs 3.9%), Argentina (33.5% vs 33.2%), and Indonesia (3.3% vs 3.1%). Nigerian CPI inflation of 15.9% was unchanged from May’s reading, and Tokyo consumer prices, a leading barometer of the Japanese result, experienced a 0.3 percentage point acceleration to 1.7%.
Copyright 2026, Larry Greenberg. All rights reserved.
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