Close X
Friday, September 20, 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

Calgarians may see full water service restored earlier than expected: mayor

Calgarians may see full water service restored earlier than expected: mayor
Calgary's weeks-long water crisis, which has prompted civic officials to ask residents to cut back on showers and other activities, may end a little sooner than expected. Underground repairs to a water main that broke June 5 are now complete, Mayor Jyoti Gondek said Tuesday, and service could be restored earlier than the July 5 target date if things go well over the coming days.

Calgarians may see full water service restored earlier than expected: mayor

Liberal government's proposed capital gains tax changes come into effect today

Liberal government's proposed capital gains tax changes come into effect today
The Liberal government's changes to capital gains taxation came into effect Tuesday, despite significant pushback from business and physicians' groups. Finance Minister Chrystia Freeland's spring budget proposed making two-thirds of capital gains — the profit made on the sale of assets such as a secondary residence or stocks — taxable, rather than one-half.

Liberal government's proposed capital gains tax changes come into effect today

Ottawa urges Canadians to leave Lebanon while they can due to escalating violence

Ottawa urges Canadians to leave Lebanon while they can due to escalating violence
Foreign Affairs Minister Mélanie Joly is urging Canadians to leave an increasingly volatile Lebanon while they can. In a statement today, Joly says the security situation could deteriorate further without warning due to sustained and escalating violence between Hezbollah and Israel.

Ottawa urges Canadians to leave Lebanon while they can due to escalating violence

Former B.C. premier John Horgan, Canada's ambassador to Germany, has cancer again

Former B.C. premier John Horgan, Canada's ambassador to Germany, has cancer again
Former British Columbia premier and Canada's ambassador to Germany John Horgan is facing his third battle with cancer. Ravi Parmar, the New Democrat member for Horgan's former Langford-Juan de Fuca riding, says he heard from the former premier today and was told he has thyroid cancer.

Former B.C. premier John Horgan, Canada's ambassador to Germany, has cancer again

BC Wildfire crews respond to 30-hectare fire, north of Lillooet

BC Wildfire crews respond to 30-hectare fire, north of Lillooet
The British Columbia Wildfire Service says its crews are responding to a 30-hectare wildfire billowing smoke over Highway 99 north of Lillooet.  The agency says on Facebook that the Tiffen Creek wildfire is "highly visible" from the highway and from the towns of Lillooet and Pavilion. 

BC Wildfire crews respond to 30-hectare fire, north of Lillooet

1 in hospital in Kelowna stabbing

1 in hospital in Kelowna stabbing
Police say a man is in hospital in stable condition after a stabbing in Kelowna. Central Okanagan R-C-M-P say the man was found with several stab wounds near the shopping area along Springfield Road at around 3:15 yesterday afternoon.

1 in hospital in Kelowna stabbing