That was an increase from 2.8 per cent the previous month. Gas prices were a major factor pushing up the inflation rate, mostly due to what economists call the base effectA big, 9.2 per cent drop in pump prices in July 2022 was a major factor driving the overall inflation rate down that month. But, the fact that they were 21.6 per cent below year ago levels in June has resulted in significantly less downward pressure on headline inflation from energy prices. And gas prices weren't the only type of energy bill that was a big factor in the inflation rate going up. That's another record year-over-year gain, and the largest single factor in the increase in the overall inflation rate.
