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Inflation rose to 3.3% in July

By Caitlin Snow Aug 15, 2023 | 11:49 AM

Statistics Canada says inflation rose to 3.3% in July, largely due to higher gas prices.

This is a slight increase after the 2.8% it fell to in June.

The mortgage interest cost index rose 30.6%, another record year-over-year gain and what Statistics Canada says is the largest contributor to headline inflation.

The Consumer Price Index (CPI) rose 0.6% in July following a 0.1% gain in June.

Prices for gas fell 12.9% year-over-year in July, after a 21.6% decline in June.

Electricity rose a faster pace in July, mostly due to an increase in Albertan electricity prices. However, on a year-over-year basis, natural gas prices fell 15.7%.

Grocery prices grew to 8.5% on an annual basis, due to a smaller price increase for fruit and baked goods.

Travel related services slowed with airfare down 12.7 percent from July of last year.

CPI rose at a faster rate in eight provinces, with price growth accelerating the most in Price Edward Island, largely due to prices for energy products.  You can view the chart here.

The Bank of Canada expects the inflation rate to stay around 3% before steadily declining to 2% by mid 2025.

The full report is here.


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