Canadian Consumer Prices Index Rise 7.6% Year-Over-Year in July—Seventh Consecutive Monthly Increase

Statistics Canada (StatsCan) reported today (8-16-22) that Canadian Consumer Prices Index (CPI) rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. Most of the decline was the result of a slower year-over-year increase in gasoline pricing.

Excluding gasoline, prices rose 6.6% year-over-year in July, following a 6.5% increase in June, as upward pressure on prices continued to be broad-based. On a monthly basis, the CPI rose 0.1% in July, the seventh consecutive monthly increase. On a seasonally adjusted monthly basis, the CPI was up 0.3%. Both of these gains were the smallest, respectively, since December 2021.

On average, price increases continued to exceed the year-over-year increase in hourly wages (+5.2%) in July. While consumer inflation continued to exceed wage growth, the gap in purchasing power was smaller than in June.

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Original Source:
Consumer Price Index, July 2022