Close X
Wednesday, November 27, 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

Higher share of foreign workers became permanent residents in recent years: StatCan

Higher share of foreign workers became permanent residents in recent years: StatCan
Foreign workers have been making the transition to permanent residency at higher rates in recent years, Statistics Canada says. A new report from the federal agency shows that between 2016 and 2020, 23 per cent of foreign workers had become permanent residents two years after obtaining their first work permits.

Higher share of foreign workers became permanent residents in recent years: StatCan

Major Calgary corridor closed due to water rupture three weeks ago set to reopen

Major Calgary corridor closed due to water rupture three weeks ago set to reopen
Commuter traffic is returning to normal in Calgary following a major water main break three weeks ago. Calgary's mayor says the avenue above the repaired water main is set to reopen Friday.

Major Calgary corridor closed due to water rupture three weeks ago set to reopen

Unprovoked spat on female

Unprovoked spat on female
Coquitlam R-C-M-P say they are looking for a man who spat unprovoked at another pedestrian before fleeing. Police say the assault happened while the victim, a female pedestrian, was walking on a sidewalk in the early evening hours near Coquitlam Centre when she was spat on.

Unprovoked spat on female

Abbotsford Police impound 42 vehicles

Abbotsford Police impound 42 vehicles
Abbotsford police say officers impounded 42 vehicles in a 48-hour period last week during a campaign targeting speeding drivers in the city. Police say officers were monitoring high-traffic corridors during the enforcement, and each driver caught speeding was issued a ticket and had their vehicle impounded for 7 days.

Abbotsford Police impound 42 vehicles

Food service workers walk off the job at Vancouver airport for 'one-day strike'

Food service workers walk off the job at Vancouver airport for 'one-day strike'
The union representing food service workers at Vancouver International Airport says more than 200 have walked off the job to push for higher wages. A statement from Unite Here Local 40 says the workers are employed by SSP America, which operates more than a dozen food outlets at the airport.

Food service workers walk off the job at Vancouver airport for 'one-day strike'

Head-on crash kills two, shuts highway, blocks ferry terminal in West Vancouver, B.C.

Head-on crash kills two, shuts highway, blocks ferry terminal in West Vancouver, B.C.
Police in West Vancouver say two people are dead after a head-on crash along Highway 1 that blocked access to the Horseshoe Bay ferry terminal. They say a vehicle travelling east in the westbound lanes near Westport Road caused the collision at about 11:40 p.m. Wednesday night.

Head-on crash kills two, shuts highway, blocks ferry terminal in West Vancouver, B.C.