Canadian Consumer Price Index Increases at Slowest Pace Since March 2021
Consumer Price Index, July 2024
On Tuesday, Statistics Canada (StatCan) reported that the Canadian Consumer Price Index (CPI) increased 2.5% year-over-year in July. The increase was at the slowest pace since March 2021 and was down from a 2.7% gain in June. The deceleration in headline inflation was broad-based, stemming from lower prices for travel tours, passenger vehicles, and electricity.
On a monthly basis, the CPI rose 0.4% in July, after falling 0.1% in June. Gasoline prices increased 2.4% month-over-month, which exerted upward pressure on the monthly CPI figure. On a seasonally adjusted monthly basis, the CPI rose 0.3%.
Year-over-year, prices rose at a slower pace in July compared with June in five provinces. Price growth slowed the most in Prince Edward Island and Nova Scotia, due to deceleration in prices for gasoline and fuel oil and other fuels.
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