Canadian Consumer Price Index Increases Slow in June
Consumer Price Index, June 2024
On Tuesday, Statistics Canada (StatCan) reported that the Canadian Consumer Price Index (CPI) for June increased 2.7% year-over-year. This is down slightly from the 2.9% gain in May.
StatCan says the deceleration in the June CPI was largely the result of slower year-over-year growth in gasoline prices, which rose 0.4%, following a 5.6% increase in May. Excluding gasoline, the CPI rose 2.8%.
Other factors that contributed to the all-items year-over-year deceleration were lower prices for durable goods, down 1.8%. Moderating the deceleration was an increase in prices for food purchased from stores, up 2.1%, as well as a smaller decline for cellular services, down 12.8%, when compared with May (down 19.4%).
On a monthly basis, the CPI fell 0.1% in June, following a 0.6% increase in May. The monthly decrease was driven by lower prices for travel tours, down 11.1%, and gasoline, down 3.1%. On a seasonally adjusted monthly basis, the CPI rose 0.1%.
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