Close X
Friday, November 22, 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

B.C. heat triggers burst of fire activity, new evacuation order in central Interior

B.C. heat triggers burst of fire activity, new evacuation order in central Interior
The latest spans a portion of the District of Wells, about 80 kilometres east of Quesnel in the province's central Interior, where the BC Wildfire Service map shows a cluster of more than two dozen new fires in the area.

B.C. heat triggers burst of fire activity, new evacuation order in central Interior

Police say speed, intoxication contributed to crash that killed 3 in southeast B.C.

Police say speed, intoxication contributed to crash that killed 3 in southeast B.C.
Police say the car left the road and crashed down an embankment. The Mounties say the three passengers were pronounced dead at the scene, while the driver was taken to hospital with serious but not life-threatening injuries.

Police say speed, intoxication contributed to crash that killed 3 in southeast B.C.

Eels writhe on Vancouver airport's tarmac after escaping from Air Canada cargo box

Eels writhe on Vancouver airport's tarmac after escaping from Air Canada cargo box
Air Canada Cargo says in a statement that it was handling a shipment of eels from Toronto to Vancouver on July 7 when one container box accidentally spilled during unloading.

Eels writhe on Vancouver airport's tarmac after escaping from Air Canada cargo box

Surrey Police to replace RCMP in Fall

Surrey Police to replace RCMP in Fall
Solicitor General Mike Farnworth says the deal sees the RCMP being replaced by the independent Surrey Police Service on Nov. 29 as part of a $250-million, 10-year agreement. 

Surrey Police to replace RCMP in Fall

Canadians feeling the financial heat this summer as housing pain intensifies; few see prices for essentials falling

Canadians feeling the financial heat this summer as housing pain intensifies; few see prices for essentials falling
As the mercury rises across the country, inflation has reportedly cooled, leading many Canadians to hope that better financial days lie ahead. Those days, however, are not yet here.

Canadians feeling the financial heat this summer as housing pain intensifies; few see prices for essentials falling

Feds invest $15M in health-care AI development through Vancouver tech cluster program

Feds invest $15M in health-care AI development through Vancouver tech cluster program
Champagne says the funding will be invested through the ministry's Vancouver-based technology cluster program in five medical tech companies, creating technology that automates certain tasks to enhance care.

Feds invest $15M in health-care AI development through Vancouver tech cluster program