Canada's annual inflation rate cooled a tick more than expected to 2.7% in June, largely due to softer growth in gas prices, while core inflation measures were marginally down, data showed on Tuesday,

Canada's annual inflation rate cooled more than expected in June to 2.7 per cent, Statistics Canada data showed on Tuesday, increasing the likelihood of another Bank of Canada (BoC) interest rate cut on July 24.

Statistics Canada reports annual inflation fell to 2.7 per cent in June, down from 2.9 per cent in May, driven by slower year-over-year growth in gasoline prices.