Canadian July CPI weaker than previous month. Peak inflation for Canada?

The Canadian July CPI print released today was 7.6% YoY vs an estimate of 7.6% YoY and a June reading of 8.1% YoY! The Core CPI print was 6.1% YoY vs 6.1% YoY expected and 6.2% YoY in June. Similar to the US CPI print from last week, the expectation was for a weaker print than the previous month. The difference: the US CPI actual print was less than estimates, while the actual Canadian CPI was in line with estimates. This is the first time the reading has slowed in over a year. At the last Bank of Canada interest rate decision meeting on July 13th, the BOC hiked rates by 100bps to 2.5%, noting that inflation has