Canada’s inflation rate was up in July

By Hana Mae Nassar and The Canadian Press

OTTAWA – Canada’s inflation rate rose 3.7 per cent in July on a year-over-year basis, marking the biggest increase since May 2011.

That comes after the Consumer Price Index rose 3.1 per cent in June.

Excluding gasoline, the consumer price index for July increased 2.8 per cent compared with a year ago, according to Statistics Canada.

The agency says only part of the year-over-year rise is due to comparing prices to the lows seen one year ago. The largest driver of overall price growth stemmed from the country’s housing market, as homeowner replacement costs rose 13.8 per cent year-over-year, the largest increase since October 1987.

On a monthly basis, the rate of inflation was up 0.6 per cent — the fastest pace since January.

Food prices increased by 1.7 per cent in July compared with July 2020, with Statistics Canada noting prices for food purchased at restaurants grew by 3.1 per cent, the highest increase since January 2019.

On a seasonally adjusted monthly basis, the rate of inflation was up 0.5 per cent.

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