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

Man dead after falling from equipment during Canada Day parade: Fort Vermillion RCMP

Man dead after falling from equipment during Canada Day parade: Fort Vermillion RCMP
RCMP say Canada Day celebrations led to tragedy in a small northern Alberta community. Mounties in Fort Vermilion say a 45-year-old man was fatally injured during Monday's parade.

Man dead after falling from equipment during Canada Day parade: Fort Vermillion RCMP

20 homes affected in flash flooding west of Kamloops: emergency officials

20 homes affected in flash flooding west of Kamloops: emergency officials
Officials say a flash flood west of Kamloops has impacted at least 20 homes in the community of Savona, but no injuries have been reported. Thompson-Nicola Regional District activated its emergency operations centre Monday the day after heavy rain that saw Highway 1 closed for several hours through the community.

20 homes affected in flash flooding west of Kamloops: emergency officials

Calgary mayor warns water use too high as possible end to restrictions nears

Calgary mayor warns water use too high as possible end to restrictions nears
Calgary's mayor said it's unfortunate residents seem to have abandoned conservation efforts days before full water service is expected to be restored. Jyoti Gondek said Calgarians on Thursday blew past the daily threshold the city set to maintain water service after a massive water main ruptured three weeks ago.

Calgary mayor warns water use too high as possible end to restrictions nears

Barefoot hiker rescued after spending two cold nights in B.C.'s North Shore mountains

Barefoot hiker rescued after spending two cold nights in B.C.'s North Shore mountains
An ill-prepared hiker has been pulled out of British Columbia’s North Shore mountains after losing his shoes and all charge on his mobile phone. Allan McMordie of North Shore Rescue says the man was barefoot, in shorts, soaking wet and cramped up after spending two nights in the wilderness.

Barefoot hiker rescued after spending two cold nights in B.C.'s North Shore mountains

B.C. Review Board lets child killer Schoenborn keep eligibility for 28-day leave

B.C. Review Board lets child killer Schoenborn keep eligibility for 28-day leave
In a decision posted online by Dave Teixeira, a spokesman for the children's relatives, the board says Schoenborn must not possess weapons, use alcohol or non-approved drugs or have contact with the relatives.

B.C. Review Board lets child killer Schoenborn keep eligibility for 28-day leave

B.C. finishes merging health-profession colleges in plan for better oversight

B.C. finishes merging health-profession colleges in plan for better oversight
British Columbia's government has amalgamated 11 health-professional colleges into two, setting the foundation for what it says is stronger oversight. Health Minister Adrian Dix says merging the colleges is part of the government's plan to ensure health professionals are regulated more consistently and robustly. 

B.C. finishes merging health-profession colleges in plan for better oversight