Food joins gas prices as key driver of inflation as consumer prices rise 2.4%
OTTAWA - Statistics Canada says annual inflation continues to rise, hitting a new two-year high of 2.4 per cent in June.
The one-tenth increase in the so-called headline inflation was matched by an identical gain in the core reading which the Bank of Canada watches closely to 1.8 per cent, very near the central bank's two per cent target.
The agency says the gains were broadbased with all major components recording increases, although the 5.4 per cent rise in gas prices was lower than May's 6.3 per cent annualized gain.
As well, food prices increased by 2.9 per cent and food purchases in stores increased by 3.2 per cent over last year as consumers paid 9.4 per cent more for meat and 9.5 per cent more for fresh vegetables.
Government taxes on tobacco continued to exert an influence on the price of cigarettes, which are now 10.3 per cent higher than last year at this time.
Bank of Canada governor Stephen Poloz said earlier this week that he was still convinced that the current bump in inflation is temporary and that prices will begin to moderate later this year.
Read more Business News
- Scam man has 44 convictionsKelowna - 11:51 am
- 2.5 times over the limitKelowna - 11:45 am
- Escape from CaboKelowna - 5:00 am
- Eagle rescued at seaBC - 10:28 am
|QHR Technologies Inc||1.26||-0.01|
|Anavex Life Sciences||0.20||-0.0195|
|Copper Mountain Mining||2.42||+0.02|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.265||-0.005|
“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...
Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...
There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...