Inflation numbers released by Statistics Canada on Wednesday show that the Consumer Price Index (CPI) rose two per cent on a year over year basis in July. Prices increased year over year across all components the index tracks.
More specifically, growth in the services index slowed slightly in July, rising 2.4 per cent compared to the 2.8 per cent reported in June. The slowdown was offset by a 1.3 per cent increase in the goods index. Gasoline prices fell while prices for durable goods and food rose. (Gasoline prices declined 6.9 per cent year over year in July after falling 9.2 per cent in June.)
Across the provinces, growth slowed most in Manitoba and British Columbia, where growth numbers came in at 2.2 per cent and 2.1 per cent, respectively. The statistics agency says the slowdown in Manitoba was largely attributable to a decline in the province’s Retail Sales Tax (RST), which decreased from eight per cent to seven per cent on July 1.