For the maiden time in 15 years, Canada's annual inflation rate dipped below zero in June; due to a drop in the overall index to minus 0.3 percent, which occurred because of the low cost of filling up at the gas station.  

On Friday, Statistics Canada affirmed that as thought, the consumer prices fell 0.3%, from a year earlier mainly due to a 19.0 percent drop in energy prices across Canada in the period.

This June saw consumers paying 24.3 percent less to fill up at the pump, in comparison to last year, when gas averaged 135.1 Canadian cents (120.8 cents) a liter.

The price of Gasoline was relatively higher in June as compared to that in May.  

"The month-to-month movement showed prices rising 0.3 percent over May on the strength of the cost of gasoline, which was 8.6 percent higher in June than it was in May," said the report by Statistics Canada.  

It was emphasized by the economists that Canada is safe from deflation - a broad and prolonged period of falling prices - and that the dip into negative territory will be short-lived.