Canadian Consumer Price Index Continued to Increase in July
Consumer Price Index, July 2023
Statistics Canada (StatCan) reported on Tuesday (8-15-23) that the Consumer Price Index (CPI) grew 3.3% year-over-year in July, following a 2.8% increase in June. The increase in the CPI was mainly attributed to a base-year effect in gasoline prices, as a large monthly decline in July, down 9.2%, is no longer impacting the 12-month movement. Excluding gasoline, the CPI rose 4.1%, inching up from 4.0% in June.
Excluding energy, the CPI decelerated to a rate of 4.2%, after posting a 4.4% increase in June.
The mortgage interest cost index (MICI) remains the largest contributor to headline inflation. In July, the MICI posted another record year-over-year gain, up 30.6%. The all-items excluding MICI index increased 2.4%.
On a monthly basis, the CPI rose 0.6% in July, following a 0.1% gain in June. StatCan says the results are largely the 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%.
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