The Consumer Price Index (CPI) rose 3.3% year over year in July, following a 2.8% increase in June. Acceleration in headline consumer inflation was mainly attributable to a base-year effect in gasoline prices, as a large monthly decline in July 2022 (-9.2%) is no longer impacting the 12-month movement. Excluding gasoline, the CPI rose 4.1%, edging up from 4.0% in June. Electricity prices rose significantly in Alberta, increasing by 127.8% in July on a year-over-year basis. Excluding energy, the CPI decelerated to 4.2% after a 4.4% increase in June. The mortgage interest cost index (+30.6%) posted another record ... (full story)

Canada’s annual inflation rate rose to 3.3 per cent in July from a year ago, according to Statistics Canada. The increase in the Consumer Price Index (CPI) was up from a 2.8 per cent rise in June. StatCan said on Tuesday the faster pace was mainly due to the base-year effect on gasoline prices, which declined steeply in July 2022. Excluding gasoline, the CPI rose 4.1 per cent, up from 4.0 per cent in June. On a monthly basis, CPI increased 0.6 per cent in July. On a seasonally adjusted basis, the increase was 0.5 per cent. Economists had forecast an increase in headline inflation to three percent, according to a ... (full story)