Canada's CPI rises 3.3 pct in July


By Lin Wei
  • World
  • Wednesday, 16 Aug 2023

OTTAWA, Aug. 15 (Xinhua) -- Canada's Consumer Price Index (CPI) rose 3.3 percent year over year in July, following a 2.8 percent increase in June, Statistics Canada said Tuesday.

Acceleration in headline consumer inflation was mainly attributable to a base-year effect in gasoline prices, as a large monthly decline in July 2022 is no longer impacting the 12-month movement. Excluding gasoline, the CPI rose 4.1 percent, edging up from 4 percent in June, the national statistical agency said.

Electricity prices rose at a faster pace, mostly due to a 127.8 percent increase in Albertan electricity prices, which can be volatile, amid high summer demand, the agency said.

According to the agency, in the early months of the year, when demand was last this high, provincial rebates and a price cap kept prices lower for consumers. These policy interventions were gradually phased out and ended in spring 2023. A base-year effect also contributed to the increase. When the provincial rebate program was introduced in July 2022, prices fell 24.4 percent month over month. This decrease is no longer impacting the 12-month movement, putting upward pressure on the year-over-year figure.

On a monthly basis, the CPI rose 0.6 percent in July, following a 0.1 percent gain in June, largely a result of higher monthly prices for travel tours, with July being a peak travel month. On a seasonally adjusted monthly basis, the CPI rose 0.5 percent, Statistics Canada said.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In World

At least 10 killed in Afghanistan attack, interior ministry says
Factbox-What is Russia's 'Oreshnik' missile?
Explainer-How the US tracks ballistic missile launches
Greek police arrest man over arms cache in central Athens flat
Russian drone attack on Sumy kills two, injures 12, local authorities say
South Korea official says Russia provided anti-air missile to North Korea
Adani's Australian coal unit faces human rights complaint
Thai court rejects petition over ex-PM Thaksin's political influence
Taiwan's president to visit Tuvalu, Palau and Marshall Islands
US believes Russia's attack in Ukraine showcased new missile

Others Also Read