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

2 deliberately hit by car in Abbotsford

2 deliberately hit by car in Abbotsford
Two youth in Abbotsford who said they were deliberately hit by a car were taken to hospital with minor injuries. Officers were called to a neighbourhood yesterday and found the teens who said the driver struck them after a disturbance.  

2 deliberately hit by car in Abbotsford

RCMP forms team to combat extortion

RCMP forms team to combat extortion
The RCMP says it has established a national team to help co-ordinate investigations and information sharing about extortion schemes targeting South Asian businesses in B.C., Alberta and Ontario. Mounties say the team is a "nationwide alliance" of police agencies that are all investigating extortion and violent threats, which have been tied to shootings and arson. 

RCMP forms team to combat extortion

Falcon says BC United's housing plan includes rent-to-own initiative, drops taxes Victoria

Falcon says BC United's housing plan includes rent-to-own initiative, drops taxes Victoria
British Columbia's Opposition Leader Kevin Falcon is pitching a housing plan that aims to get more first-time buyers into homes, and it comes just days after Premier David Eby promised to build more affordable rental units for the middle class. Falcon says the BC United's "Fix Housing" plan includes four initiatives to reduce the high cost of housing and increase supply, which he pledges to introduce if his party takes power in this fall's election.

Falcon says BC United's housing plan includes rent-to-own initiative, drops taxes Victoria

Inadequate security led to federal breach that compromised Canadians' info: watchdog

Inadequate security led to federal breach that compromised Canadians' info: watchdog
The federal privacy watchdog says government departments lacked adequate protections to prevent a cyberbreach that compromised the sensitive information of tens of thousands of Canadians. In a report tabled today, privacy commissioner Philippe Dufresne describes how the lapse at the Canada Revenue Agency and Employment and Social Development Canada in summer 2020 allowed hackers to fraudulently collect payments.

Inadequate security led to federal breach that compromised Canadians' info: watchdog

Business council forecasts slower growth of 0.7 per cent in B.C. ahead of budget

Business council forecasts slower growth of 0.7 per cent in B.C. ahead of budget
A new report ahead of next week's B.C. budget is forecasting slower economic growth for the province this year. The Business Council of British Columbia says "lacklustre" growth globally, high interest rates and weak private-sector job and investment numbers all add up to "a drag on prosperity" in 2024.

Business council forecasts slower growth of 0.7 per cent in B.C. ahead of budget

Canada-led NATO mission gets boost

Canada-led NATO mission gets boost
The federal government is spending more than $273 million to acquire new military equipment for NATO's Canada-led battle group in Latvia. That includes $227.5 million for a short-range air defence system from Saab Canada Inc., intended to defend against fixed-wing aircraft, helicopters and drones, and another $46 million for counter-drone equipment.

Canada-led NATO mission gets boost