According to a report released by Statistics Canada, the inflation rate in Canada fell to 7.6% in the month of July.
In the previous month, inflation hit a high of 39 years at 8.1% where the prices of gas were the single most significant contributor to the overall increase.
However, Ontario witnessed a 12.2% monthly decline, which is the largest of any province of the country.
The easing up of inflation and the overall downward trend was expected by several economists but it is still a long way from the 2.2% target of the Bank of Canada.
However, the monthly rent is going up due to the higher interest rates that are sidelining the buyers who are not able to afford the mortgages.
It is also expected that more rate hikes are yet to come.