Inflation pace cools in June

Rising gas and food prices have not increased the pace of inflation, The Globe and Mail reports. In fact, Statistics Canada confirmed that the annual inflation rate has actually decreased, from 3.7 per cent in May, to 3.1 per cent in June. The agency says lower prices for passenger vehicles and lower travel accommodation costs have contributed to the decline. Sources say the news will reduce pressure on the Bank of Canada to act on interest rates. The Globe and Mail