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

Gold/Silver: People Can Still Lose Money In This Bull Market!? | Rick Rule

He Said $300 Silver!? | Peter Krauth

Dollar Will Collapse, Gold and Silver Are the Only Safe Havens | Jim Rogers

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

Jerome Powell Warns of Ongoing Rate Hikes

Although US inflation is showing signs of easing— albeit slowly, the Fed appears adamant on...

Thursday, February 23, 2023, 03:07:00 PM

Bank of Canada Raises Interest Rates Another 25 Basis Points to 5%

As was widely expected, the Bank of Canada raised its overnight rate by another 25...

Wednesday, July 12, 2023, 10:02:39 AM

US Inflation Rises For Second Consecutive Month, CPI Increased By 0.6% In July

As the US grapples with a severe recession and continued soaring unemployment numbers, a slight...

Wednesday, August 12, 2020, 02:01:17 PM

Fed Chair Jerome Powell Signals Taper Beginning in November, Rate Hike in 2022

Federal Reserve Chair Jerome Powell signalled that the central bank could begin phasing out its...

Thursday, September 23, 2021, 10:24:00 AM

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