Close X
Sunday, November 17, 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

Liberals' proposed AI law too vague

Liberals' proposed AI law too vague
Representatives from Big Tech companies say a Liberal government bill that would begin regulating some artificial intelligence systems is too vague.  Amazon and Microsoft executives told MPs at a House of Commons industry committee meeting Wednesday that Bill C-27 doesn't differentiate enough between high- and low-risk AI systems.

Liberals' proposed AI law too vague

Liberals devote $28M to beef up fight against stolen car exports on eve of summit

Liberals devote $28M to beef up fight against stolen car exports on eve of summit
The federal government is earmarking $28 million in new money to help fight the export of stolen vehicles. The Liberal government said Wednesday the money will give the Canada Border Services Agency more capacity to detect and search containers with pilfered autos.

Liberals devote $28M to beef up fight against stolen car exports on eve of summit

Singh threatens to end political pact

Singh threatens to end political pact
If the government doesn't make good on pharmacare legislation by March, that would kill the Liberal-NDP political pact, New Democrat Leader Jagmeet Singh said Wednesday. But he made it clear that any collapse in the deal, which is meant to hold off a federal election until next year, would be the Liberals' fault.

Singh threatens to end political pact

B.C. moves flavoured nicotine pouches behind pharmacy counters to protect kids

B.C. moves flavoured nicotine pouches behind pharmacy counters to protect kids
B.C.'s government has ordered that flavoured nicotine pouches only be sold from behind pharmacy counters in the province in an effort to prevent youth from becoming addicted. The order signed by Health Minister Adrian Dix means buyers of the pouches, which contain up to four milligrams of nicotine, will have to consult a pharmacist.

B.C. moves flavoured nicotine pouches behind pharmacy counters to protect kids

Social media firms can't be let 'off the hook' for deadly sextortion of kids: Eby

Social media firms can't be let 'off the hook' for deadly sextortion of kids: Eby
Premier David Eby says social media companies can't be let "off the hook" after two B.C. teens died by suicide shortly after falling victim to online sextortion scams. Eby's comments came one day after Surrey RCMP announced a man in Nigeria has been arrested and charged in one of those cases following a lengthy international investigation.

Social media firms can't be let 'off the hook' for deadly sextortion of kids: Eby

No new restrictions on B.C. sex offender Hopley, who went on run: parole board

No new restrictions on B.C. sex offender Hopley, who went on run: parole board
High-risk B.C. sex offender Randall Hopley, who went on the run for 10 days in November, will still be allowed overnight community leave with the approval of his parole officer, after the parole board decided not to impose new restrictions. Premier David Eby says he "can't fathom" the ruling and it isn't acceptable that Hopley, who abducted a three-year-old boy in 2011, has been "released again with the same conditions."  

No new restrictions on B.C. sex offender Hopley, who went on run: parole board