Close X
Friday, November 15, 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

Scammers impersonating officers to steal from seniors: New Westminster police

Scammers impersonating officers to steal from seniors: New Westminster police
A recent scam where people impersonated officers to rob a senior has prompted a warning from police in New Westminster, B.C., east of Vancouver. A statement from the department says several people posing as police spoke to a senior at her home, convincing her to hand over her credit and debit cards.

Scammers impersonating officers to steal from seniors: New Westminster police

B.C. seeks to regulate electricity for cryptocurrency miners, citing huge demands

B.C. seeks to regulate electricity for cryptocurrency miners, citing huge demands
British Columbia is proposing legal changes that would allow the government to regulate the supply of electricity to cryptocurrency miners. A statement from the Ministry of Energy says cryptocurrency miners consume large amounts of electricity to constantly run high-powered computers, while creating very few jobs or economic opportunities.

B.C. seeks to regulate electricity for cryptocurrency miners, citing huge demands

12 B.C. municipal parties under investigation for finance or advertising violations

12 B.C. municipal parties under investigation for finance or advertising violations
Elections BC said in a news release that the potential violations relate to accepting prohibited contributions, failing to deal with such contributions, or sponsoring election advertisements without an authorization statement. It said the parties under investigation include Vancouver Mayor Ken Sim's ABC Vancouver and the Burnaby Citizen's Association, both of which won council majorities.

12 B.C. municipal parties under investigation for finance or advertising violations

B.C. tables anti-racism legislation

B.C. tables anti-racism legislation
The British Columbia government tabled legislation Thursday that's designed to hold public bodies accountable for addressing systemic racism in policy and programs, the province's attorney general said. Niki Sharma said the proposed law would cover provincial ministries, agencies, health-care and social service providers, and require the development of a public action plan using data the government has collected on systemic racism.

B.C. tables anti-racism legislation

B.C. judge rejects bid to throw out Ibrahim Ali's conviction for teen girl's murder

B.C. judge rejects bid to throw out Ibrahim Ali's conviction for teen girl's murder
A British Columbia Supreme Court judge has rejected an application to throw out the conviction of Ibrahim Ali for the murder of a 13-year-old in Burnaby, B.C., over what his lawyers say were unreasonable delays in the trial process. Justice Lance Bernard made the ruling Thursday, with reasons to follow, moments after defence lawyer Kevin McCullough made his final reply in the application that could have seen Ali go free.

B.C. judge rejects bid to throw out Ibrahim Ali's conviction for teen girl's murder

B.C. moves to accelerate process for thousands needing a family doctor

B.C. moves to accelerate process for thousands needing a family doctor
The British Columbia government is bringing in new digital tools to help hundreds of thousands of residents who need a family doctor find one faster and easier.  While nearly 410,000 people have been connected to a physician since 2018, there are another 310,000 who remain on the Health Connect Registry, and Health Minister Adrian Dix says they now have a plan to accelerate the patient-doctor matching process. 

B.C. moves to accelerate process for thousands needing a family doctor