Close X
Thursday, September 19, 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

Stranger punched in the face in unprovoked attack

Stranger punched in the face in unprovoked attack
R-C-M-P say the victim was punched in the face and suffered minor injuries in the alleged attack that occurred at around noon along Number 3 Road, across from the C-F Richmond Centre.

Stranger punched in the face in unprovoked attack

Downtown Eastside social housing project expands to four lots, with health services

Downtown Eastside social housing project expands to four lots, with health services
B.C. Housing Minister Ravi Kahlon says the proposed development at the 300-block of East Hastings Street at the former site of a Buddhist temple will be expanded after a donation of adjacent land from the charitable 625 Powell Street Foundation.

Downtown Eastside social housing project expands to four lots, with health services

Fatal crash in Vancouver

Fatal crash in Vancouver
Police in Vancouver say a 27-year-old man is dead after he was struck by a car while riding his motorcycle yesterday. They say the motorcyclist was riding south on Arbutus Street toward West 21st Avenue just before 9:30 p-m when he collided with a grey Honda C-R-V.

Fatal crash in Vancouver

Early morning shooting in Newton

Early morning shooting in Newton
Police in Surrey say one man has been taken to hospital with serious injuries after an early morning shooting in the Newton area. R-C-M-P say officers got the call at around 5:30 a-m about a man suffering from a gunshot wound in a parking lot on 122nd Street near 72nd Avenue.

Early morning shooting in Newton

Vancouver Island to see $3B in BC Hydro upgrades, expansion over the next decade

Vancouver Island to see $3B in BC Hydro upgrades, expansion over the next decade
Energy Minister Josie Osborne says the BC Hydro projects will create thousands of jobs over the next decade and ensure the region has enough clean, affordable and reliable electricity to power homes, businesses and the economy.

Vancouver Island to see $3B in BC Hydro upgrades, expansion over the next decade

Foreign streaming services challenge requirement to pay into fund for Canadian news

Foreign streaming services challenge requirement to pay into fund for Canadian news
The Canadian Radio-television and Telecommunications Commission said in June that foreign streamers must contribute five per cent of their annual Canadian revenues into a fund devoted to producing Canadian content, including local TV and radio news, as well as Indigenous and French-language content.

Foreign streaming services challenge requirement to pay into fund for Canadian news