Close X
Thursday, November 14, 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

Cooler, wetter weather aids B.C. wildfire fight in northeast

Cooler, wetter weather aids B.C. wildfire fight in northeast
The BC Wildfire Service says cooler, wetter conditions are allowing crews to make progress in their firefight in the province's northeast where thousands of evacuees remain out of their homes for a second week. The service says the more seasonable weather is expected to persist until Wednesday.

Cooler, wetter weather aids B.C. wildfire fight in northeast

Killer Robert Pickton in life-threatening condition after Quebec prison attack

Killer Robert Pickton in life-threatening condition after Quebec prison attack
Correctional Service Canada has confirmed that B.C. serial killer Robert Pickton was the inmate injured in a "major assault" Sunday at a Quebec prison. Quebec provincial police said Tuesday that 74-year-old Picktonwas taken to hospital with injuries that were considered life-threatening.  

Killer Robert Pickton in life-threatening condition after Quebec prison attack

Surrey Board of Trade calls for review of sex offender regulations, protocols

Surrey Board of Trade calls for review of sex offender regulations, protocols
The Surrey Board of Trade says it is joining Mayor Brenda Locke in "urgently calling" for a comprehensive review of laws and protocols around high-risk sex offenders.  Board President Anita Huberman says in an open letter to B.C. Public Safety Minister Mike Farnworth and Attorney General Niki Sharma that the board is concerned and frustrated about the recent release of a 29-year-old, who lives in Surrey and was convicted of sexually assaulting two women in 2017.

Surrey Board of Trade calls for review of sex offender regulations, protocols

B.C. mayor says drones endangering wildfire helicopter pilots, pleads for patience

B.C. mayor says drones endangering wildfire helicopter pilots, pleads for patience
The mayor of the Northern Rockies Regional Municipality in British Columbia says drones are endangering helicopters being used to fight wildfires near Fort Nelson, which was ordered evacuated earlier this month. 

B.C. mayor says drones endangering wildfire helicopter pilots, pleads for patience

Four Indian nationals accused of killing B.C. Sikh activist to appear in court today

Four Indian nationals accused of killing B.C. Sikh activist to appear in court today
Four Indian nationals accused in the murder of British Columbia Sikh activist Hardeep Singh Nijjar are all due in court today. Twenty-two-year-old Amandeep Singh appeared via video link for his first appearance in a Surrey, B.C., court last week, and the matter has been put forward to today. Karan Brar, Kamalpreet Singh and Karanpreet Singh, who already face the same charges following their arrests in Edmonton, are also scheduled to be in a Surrey courtroom today.

Four Indian nationals accused of killing B.C. Sikh activist to appear in court today

Trudeau making 'Team Canada' charm offensive in visit to Philadelphia

Trudeau making 'Team Canada' charm offensive in visit to Philadelphia
Prime Minister Justin Trudeau is in Philadelphia today, on his first trip south of the border since his government launched a new "Team Canada" charm offensive in the United States. Officially he is in Pennsylvania after accepting an invitation to speak at the Service Employees International Union quadrennial North American convention.

Trudeau making 'Team Canada' charm offensive in visit to Philadelphia