56811
53329
56468
S&P/TSX
16450.14
+114.99
(0.70%)
S&P-CDNX
756.24
+0.91
(0.12%)
S&P-500
2754.88
+5.12
(0.19%)
NASDAQ
7692.82
-20.14
(-0.26%)
Dow
24580.89
+119.19
(0.49%)
Dollar
0.7537
+0.0027
(+0.3603%)
Oil
69.25
+3.71
(+5.66%)
Gold
1271.10
+0.60
(+0.05%)
Silver
16.455
+0.129
(+0.79%)


Inflation ticks up

Inflation picked up its pace last month for the first time since January as the annualized rate accelerated to 1.2 per cent, Statistics Canada said Friday.

In B.C., inflation was pegged at 1.9 per cent, up two tenths of a point.

The latest inflation number increased from its June reading of one per cent, which had represented the data point's lowest mark in almost two years.

The higher price of gasoline, up 4.6 per cent in July compared to a year earlier, was among the biggest contributors behind the increase.

Upward pressure also came from year-over-year price increases of 9.7 per cent for natural gas, 8.5 per cent for traveller accommodation and 4.1 per cent for homeowner's replacement costs.

Among the downward pressures: the cost of electricity, which the report said saw its biggest drop in 14 years due in large part to legislated price declines in Ontario.

Lower prices for video equipment, furniture and Internet access also weighed on the overall inflation number.

The annual rate saw its first increase since it peaked in January at 2.1 per cent, which was close to the Bank of Canada's ideal target of 2.0 per cent.

 



More Business News

55718
Data from CryptoCompare
Recent Trending
50852
Okanagan Oldies
53757
Castanet Proud Member of RTNDA Canada
57238
Press Room
57238
55577