Until the past few months, child care costs had done nothing but rise since 2003, according to Statistics Canada’s data. According to Statistics Canada’s latest inflation figures, the price of child care services plunged 7.6 per cent in July from a year earlier, the fourth-consecutive monthly decline and the biggest drop on record. Still, at a time when the price of almost everything is rising at the fastest pace in decades, child care fees have begun to fall. Prime Minister Justin Trudeau holds a crayon after he played, and lost, a game of tic-tac-toe against a child, following a new child-care deal announcement in Ontario. The Bank of Canada said in July that it expected the consumer price index to remain around eight per cent for summer, and then begin to drift towards three per cent by the end of next year.

It’s just one month of weaker inflation data, and most of the deceleration was the result of lower gasoline prices, so it’s too soon to declare victory. “As the central bank, it’s our job to control inflation and that means we need to cool things down,” Macklem added, emphasizing that he was “determined” to get year-over-year increases in the consumer price index back to his target of about two per cent. “Even if inflation came down a little in July, prices for more than half of the goods and services that make up the CPI basket are rising faster than five per cent,” Macklem said in an op-ed published in the National Post. That’s still uncomfortably high, a point that Bank of Canada governor Tiff Macklem reinforced after the numbers were released. 16 that the consumer price index increased 7.6 per cent in July from a year earlier, compared with 8.1 per cent in June, representing the first deceleration in more than a year.

Prime Minister Justin Trudeau’s overhaul of child care appears to be delivering on its promise to lower costs, providing a rare source of disinflation amid the first significant inflationary scare since the early 1980s, according to the latest cost-of-living data. Canada agrees to multi-year daycare deal with Ontario province

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