Close X
Saturday, November 16, 2024
ADVT 
National

Unexpected dip in inflation rate in June

Darpan News Desk The Canadian Press, 17 Jul, 2024 03:25 PM
  • Unexpected dip in inflation rate in June

The inflation rate fell to 2.7 per cent in June, but the pace of growth in grocery prices accelerated for the second month in a row.

Statistics Canada reports grocery prices rose 2.1 per cent year-over-year in June, up from May's increase of 1.5 per cent. 

This is the last inflation report before the Bank of Canada's next interest rate decision next Wednesday.

C-I-B-C senior economist Katherine Judge says this morning's data gives the Bank of Canada what it needs in order to cut interest rates.

B-MO macro strategist Benjamin Reitzes predicts it will be a bit of a grind to reach the central bank's target of annual inflation rate of two per cent and doesn't think it will hit that mark before mid-to-late next year.

Canada's annual inflation rate was 2.7 per cent in June, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may have fluctuated widely because they are based on small statistical samples (previous month in brackets):

— St. John's, N.L.: 2.8 per cent (3.2)

— Charlottetown-Summerside: 3.7 per cent (3.4)

— Halifax: 3.6 per cent (3.8)

— Saint John, N.B.: 2.6 per cent (2.7)

— Quebec City: 2.2 per cent (3.0)

— Montreal: 2.5 per cent (3.2)

— Ottawa: 2.7 per cent (2.7)

— Toronto: 3.4 per cent (3.4)

— Thunder Bay, Ont.: 1.6 per cent (2.2)

— Winnipeg: 1.5 per cent (1.4)

— Regina: 1.4 per cent (1.5)

— Saskatoon: 1.9 per cent (1.5)

— Edmonton: 2.7 per cent (2.8)

— Calgary: 3.6 per cent (3.6)

— Vancouver: 2.3 per cent (3.1)

— Victoria: 2.9 per cent (2.9)

— Whitehorse: 1.9 per cent (2.3)

— Yellowknife: 1.8 per cent (2.6)

— Iqaluit: 1.0 per cent (0.6)

Canada's annual inflation rate was 2.7 per cent in June, Statistics Canada says. Here's what happened in the provinces (previous month in brackets):

— Newfoundland and Labrador: 2.3 per cent (2.6)

— Prince Edward Island: 3.4 per cent (3.2)

— Nova Scotia: 3.5 per cent (3.7)

— New Brunswick: 2.8 per cent (2.9)

— Quebec: 2.2 per cent (3.1)

— Ontario: 3.0 per cent (3.0)

— Manitoba: 1.4 per cent (1.3)

— Saskatchewan: 1.4 per cent (1.5)

— Alberta: 3.0 per cent (3.0)

— British Columbia: 2.6 per cent (2.9)

MORE National ARTICLES

B.C. to kill 25 deer to test for chronic wasting disease in Kootenay region

B.C. to kill 25 deer to test for chronic wasting disease in Kootenay region
The B.C. government says it will cull 25 deer in the Kootenay region to test for chronic wasting disease. The Ministry of Water, Land and Resource Stewardship says two deer in the region tested positive for the disease earlier this year. 

B.C. to kill 25 deer to test for chronic wasting disease in Kootenay region

Surrey mayor taking Province to court over policing

Surrey mayor taking Province to court over policing
Surrey Mayor Brenda Locke says the city's legal team is still preparing for a courtroom showdown with the provincial government over policing in the city, with a court date set for April 29th.  Locke says the city is still in talks with the province, but she says she can't share any inside details about the discussions. 

Surrey mayor taking Province to court over policing

Calm in housing market this spring

Calm in housing market this spring
The B-C Real Estate Association says the province's housing market is staying relatively calm this spring. The association says sales were up more than 15 per cent last month compared to February 2023.

Calm in housing market this spring

B.C. orchards and vineyards to get $70M to replant after disastrous weather

B.C. orchards and vineyards to get $70M to replant after disastrous weather
The British Columbia government says farmers will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters. Premier David Eby says the funding will boost the province's existing $15 million Perennial Crop Renewal Program, launched last spring to help more than 200 farmers replace diseased and unproductive plants.

B.C. orchards and vineyards to get $70M to replant after disastrous weather

Historic transportation investment for Surrey

Historic transportation investment for Surrey
Surrey has approved what city council is calling its biggest municipal transportation investment in history. The council has approved a 138-million-dollar extension of 72 Avenue from 152 Street to Highway 15, a roughly 4-kilometre stretch.

Historic transportation investment for Surrey

Poll: Canadians unsure online harms bill will make social media safer

Poll: Canadians unsure online harms bill will make social media safer
Fewer than half of Canadians believe the federal government's plan to regulate social media sites will make platforms safer, a new survey suggests. Polling firm Leger recently asked Canadians about the Liberal government's proposed Online Harms Act, which contains a suite of measures meant to make social media platforms safer, particularly for children.

Poll: Canadians unsure online harms bill will make social media safer