Consumer Prices In Canada Rise 2.5% In July, Slowest Pace Since March 2021

Canada’s Consumer Price Index (CPI) increased by 2.5% year-over-year in July, marking the slowest inflation rate since March 2021, according to data released by Statistics Canada. This figure represents a decrease from the 2.7% annual gain recorded in June 2024.

The deceleration in headline inflation was broad-based, with notable contributions from lower prices in travel tours, passenger vehicles, and electricity. On a monthly basis, the CPI rose 0.4% in July, following a 0.1% decline in June. Gasoline prices, which increased by 2.4% month-over-month, exerted upward pressure on the monthly CPI figure.

The passenger vehicle sector continued to see price declines, with a 1.4% year-over-year decrease in July, following a 0.4% drop in June. This deceleration was driven by slower price growth for new vehicles (1.0%) as inventory levels improved. Used vehicle prices fell by 5.7% in July.

Regionally, five provinces experienced slower year-over-year price growth in July compared to June. Prince Edward Island and Nova Scotia saw the most significant slowdowns, primarily due to deceleration in gasoline and fuel oil prices.

The shelter price index rose at a slower rate of 5.7% year-over-year in July, down from 6.2% in June. This moderation was influenced by declines in electricity prices, slower growth in mortgage interest costs, and a slight easing in rent increases.


Information for this story was found via Statistics Canada. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

America Uses More Copper Than It Makes | Simon Quick – Canadian Copper

Gold Bulls Run Faster Than New Mines?! | Thomas Mumford – Scottie Resources

Is This the Start of a New Gold Rush | Russell Ashton – Juggernaut Exploration

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

Fed Losing Control of Monetary Policy as Biden Admin Warns of ‘Extraordinarily Elevated’ Inflation Print

It’s official: the Fed has lost complete control over inflation, prompting the White House to...

Monday, April 11, 2022, 05:32:22 PM

Bank of Canada Affirms 2% Inflation Target, But Will Overshoot to Support Maximum Employment

The Bank of Canada has renewed its mandate to keep inflation within the 2% target...

Tuesday, December 14, 2021, 02:52:00 PM

Canadian Businesses Think Inflation Will Stay Above Target Level Until 2025

Canadian businesses are feeling the pinch of rising interest rates and tighter monetary policy. However,...

Tuesday, April 4, 2023, 06:18:00 AM

US Economy Expands 2.6% Solely Due to Net Exports

The US economy appears to have climbed itself out of the recessionary slump evident in...

Thursday, October 27, 2022, 02:20:53 PM

Inflation Bites: Walmart Falls 9% After Cutting Earnings Outlook By 13%

Weeks ahead of its Q2 earnings release, Walmart Inc. (NYSE: WMT) announced a huge cut...

Tuesday, July 26, 2022, 12:26:00 PM