Close X
Wednesday, September 18, 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

Earthquakes felt off Vancouver Island

Earthquakes felt off Vancouver Island
It was the largest of a cluster of earthquakes this morning around the same location, including quakes with magnitudes ranging from 4.3 to 4.9.

Earthquakes felt off Vancouver Island

Calgary woman facing criminal charge after dog left in hot car dies

Calgary woman facing criminal charge after dog left in hot car dies
Police have charged the owner of a dog that was left in a hot car and died on Canada Day. Officers say they received a call about a distressed dog inside the locked car with its windows rolled all the way up.

Calgary woman facing criminal charge after dog left in hot car dies

Mark Carney would be 'outstanding' addition to federal politics, Trudeau says

Mark Carney would be 'outstanding' addition to federal politics, Trudeau says
Trudeau was asked about the possibility of replacing Chrystia Freeland by making Carney his new finance minister during a press conference at the NATO summit in Washington.

Mark Carney would be 'outstanding' addition to federal politics, Trudeau says

B.C. waters now home to Canada's largest marine protected area

B.C. waters now home to Canada's largest marine protected area
A statement from Fisheries and Oceans Canada says the ecologically unique ocean area is located about 150 kilometres off the west coast of Vancouver Island.

B.C. waters now home to Canada's largest marine protected area

Four family members dead in another multiple-fatality B.C. road crash

Four family members dead in another multiple-fatality B.C. road crash
Police in British Columbia say four people are dead after a highway collision in the southern Interior, part of a spate of multiple-fatality crashes in the province in the past week. RCMP say the crash involving two cars and a tractor trailer near Becks Road in Keremeos shut Highway 3 for eight hours on Wednesday.

Four family members dead in another multiple-fatality B.C. road crash

BC United's Michael Lee, once a leadership candidate, won't seek re-election

BC United's Michael Lee, once a leadership candidate, won't seek re-election
British Columbia's Opposition BC United is losing another elected member just ahead of the province's fall election. Michael Lee, a former party leadership candidate and the Vancouver-Langara representative in the legislature for the past seven years, says he's heading back to the private sector and will not seek re-election on Oct. 19.

BC United's Michael Lee, once a leadership candidate, won't seek re-election