Canada’s inflation rate bucked its recent trend of slowing last month and instead rose at a 3.3 per cent annual pace in July.
Gasoline prices biggest reason for the uptick
Pete Evans ┬╖ CBC News ┬╖
Gasoline prices were the biggest reason for the uptick in the inflation rate. If pump prices are stripped out of the data, the cost of living went up at a 4.1 per cent annual pace. (Ethan Cairns/CBC)
Canada’s inflation rate bucked its recent trend of slowing last month and instead rose at a 3.3 per cent annual pace in July.
That was an increase from 2.8 per cent the previous month. The biggest reason why, according to Statistics Canada, was an uptick in the price of gasoline due to what economists call base year effects.
In July of 2022, pump prices fell by 9.2 per cent, a plunge that is no longer including in the annual numbers.
If gasoline is stripped out, the inflation rate rose by 4.1 per cent. That’s up from four per cent in June.
More to come.
ABOUT THE AUTHOR
Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: pete.evans@cbc.ca
