Close X
Thursday, November 28, 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

Break & Enter at a Surrey jewelry store

Break & Enter at a Surrey jewelry store
Surrey R-C-M-P say a sophisticated break and enter at a jewelry store has led to a Canada-wide warrant for one suspect. Mounties say the break-in on March 31st happened over several hours through a "sophisticated series of events using tools and other entry devices."

Break & Enter at a Surrey jewelry store

B.C. serial killer Robert Pickton dead after prison assault in Quebec

B.C. serial killer Robert Pickton dead after prison assault in Quebec
Robert Pickton, one of Canada's most notorious serial killers, died on Friday, 12 days after he was assaulted in prison. Pickton, an inmate at Port-Cartier Institution in Quebec, was 74.

B.C. serial killer Robert Pickton dead after prison assault in Quebec

Arson attack on Vancouver synagogue

Arson attack on Vancouver synagogue
BC politicians are condemning the arson attack on a Vancouver synagogue last night. Premier David Eby says in a statement posted on social media that the incident at Vancouver's Schara Tzedeck synagogue was a disgusting and reprehensible act of antisemitism that has no place in the province.

Arson attack on Vancouver synagogue

Forecasters warn B.C. of hot summer, as province offers more free air conditioners

Forecasters warn B.C. of hot summer, as province offers more free air conditioners
British Columbia's government is tripling a program that offers free air conditioners to people with low incomes as forecasters say the province should prepare for hotter-than-normal temperatures in June. Minister of Energy Josie Osborne told a news briefing that the program, launched last year and managed by the Crown power utility, BC Hydro, had already handed out 6,000 air conditioners and the government was prepared to fund another 19,000 or so.

Forecasters warn B.C. of hot summer, as province offers more free air conditioners

Teenager sexually assaulted in Vancouver

Teenager sexually assaulted in Vancouver
Vancouver Police say a man has been charged after he allegedly sexually assaulted a teenager on a bus in the Mount Pleasant neighbourhood. They say the investigation began two weeks ago when the 15-year-old girl was groped on a bus near the intersections of Broadway and Quebec streets.

Teenager sexually assaulted in Vancouver

Unifor alleges Amazon ramped up hiring at B.C. warehouse ahead of union vote

Unifor alleges Amazon ramped up hiring at B.C. warehouse ahead of union vote
Unifor has filed an unfair labour practice complaint against Amazon amid a vote by workers at a Delta, B.C., warehouse over whether they want to join the union. The union claims Amazon beefed up its workforce as Unifor was in the midst of a union drive to try and weaken support.

Unifor alleges Amazon ramped up hiring at B.C. warehouse ahead of union vote