It’s not over yet..Canada’s national inflation numbers took a big hit in July, fuelled by a doubling in Alberta’s electrical rates..Overall, the national rate stood at 3.3% according to Statistics Canada numbers. That was up from 2.8% in June but down from 8.1% from this time last summer..Gasoline and grocery prices were a driver, increasing by about 0.9% and 8.5%, respectively. As were mortgages, which jumped 30.6% due to higher interest rates. .But national electricity rates were the headline culprit, rising almost 12% across the country, due to a 127.8% increase in Alberta..On the bright side, some grocery items were coming down — most notably grapes, which were off 40% from a year ago. Fresh fruit prices eased about 6.5%, the largest monthly decline since February 2008..It’s not yet clear if the Bank of Canada will resume hiking interest rates to keep inflation within its 2% target, which strips out energy prices. The bank will meet again to set rates on Sept. 6.
