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

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

First Majestic Posts Record Quarterly Silver Production In Q3

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

Related News

BMO: Bank of Canada Could Hike Rates as High as 6% to Tame Inflation

The Bank of Canada’s surprise colossal 100 basis-point rate hike signalled that inflation has become...

Wednesday, July 20, 2022, 12:22:00 PM

Walmart Laying Off Corporate Employees Amid Dismal Profit Outlook

America’s bellwether retailer Walmart (NYSE: WMT) is downsizing its workforce, following a less-than-ideal profit outlook...

Friday, August 5, 2022, 10:59:00 AM

Paul Tudor Jones: Inflation Risk Is No Longer Transitory

Billionaire investor Paul Tudor Jones joined CNBC’s Squawk Box on Monday to explain some of...

Tuesday, June 15, 2021, 10:58:00 AM

UK Housing Market Slowdown: Lenders are Approving Fewer Mortgages as Inflation, Rising Interest Rates Bite

The UK housing market is rapidly slowing, as surging inflation and subsequent rising interest rates...

Tuesday, November 29, 2022, 05:18:26 PM

US CPI Lower Than Forecast, But Real Wages Continue to Plummet

US consumer prices came in lower than expected— albeit still more than three times higher...

Tuesday, December 13, 2022, 09:22:29 AM