Canada’s inflation rate was 7.6% in July, down from an 8.1% gain in June, said Statistics Canada in a Tuesday press release. .The release said prices, excluding gas, rose 6.6% year over year in July, following a 6.5% increase in June. .It said gas prices rose 35.6% year over year in July after a 54.6% increase in June. Canadians paid 9.2% less for gas in July compared to the previous month, the largest monthly decline since 2020. .Gas prices fell the most in Ontario (12.2%) because the provincial government reduced the gas tax. .Statistics Canada said food prices increased by 9.9% on a year-over-year basis. Prices for baked goods rose by 13.6% because wheat prices remain high. .Other food items exhibiting fast price growth include eggs (15.8%), coffee and tea (13.8%), and fresh fruit (11.7%). .The release said prices related to travel continued to increase because this summer is the first since COVID-19 restrictions were loosened in Canada. .Airfares rose 25.5% in July compared with the previous month because of strong demand for flights. Hotel prices rose 47.7% this past year, with Ontario seeing the largest increase at 70%. .The mortgage interest cost index went up by 1.7% for the first time since 2020 due to elevated bond yields and higher interest rates. .Growth in other owned accommodations (9.7%) and homeowner replacement costs (9.1%) slowed down, reflecting current trends in major housing markets across Canada. .Conservative leadership candidate Pierre Poilievre condemned the latest inflation numbers. .“Inflation makes government and the rich even richer — that means your family ends up paying the tab,” said Poilievre. “End inflationary deficits and bring back common cents.”.The Canadian Taxpayers Federation (CTF) also demanded the Canadian government respond to rising inflation in November. .READ MORE: CTF demands action on inflation.“Politicians keep talking about raising taxes, but we haven’t seen a plan showing how they’re going to make our lives a little more affordable,” said CTF Federal Director Franco Terrazzano. .“Canadians are worried about their grocery and gas bills and politicians can provide immediate relief by reducing taxes like other countries.”
Canada’s inflation rate was 7.6% in July, down from an 8.1% gain in June, said Statistics Canada in a Tuesday press release. .The release said prices, excluding gas, rose 6.6% year over year in July, following a 6.5% increase in June. .It said gas prices rose 35.6% year over year in July after a 54.6% increase in June. Canadians paid 9.2% less for gas in July compared to the previous month, the largest monthly decline since 2020. .Gas prices fell the most in Ontario (12.2%) because the provincial government reduced the gas tax. .Statistics Canada said food prices increased by 9.9% on a year-over-year basis. Prices for baked goods rose by 13.6% because wheat prices remain high. .Other food items exhibiting fast price growth include eggs (15.8%), coffee and tea (13.8%), and fresh fruit (11.7%). .The release said prices related to travel continued to increase because this summer is the first since COVID-19 restrictions were loosened in Canada. .Airfares rose 25.5% in July compared with the previous month because of strong demand for flights. Hotel prices rose 47.7% this past year, with Ontario seeing the largest increase at 70%. .The mortgage interest cost index went up by 1.7% for the first time since 2020 due to elevated bond yields and higher interest rates. .Growth in other owned accommodations (9.7%) and homeowner replacement costs (9.1%) slowed down, reflecting current trends in major housing markets across Canada. .Conservative leadership candidate Pierre Poilievre condemned the latest inflation numbers. .“Inflation makes government and the rich even richer — that means your family ends up paying the tab,” said Poilievre. “End inflationary deficits and bring back common cents.”.The Canadian Taxpayers Federation (CTF) also demanded the Canadian government respond to rising inflation in November. .READ MORE: CTF demands action on inflation.“Politicians keep talking about raising taxes, but we haven’t seen a plan showing how they’re going to make our lives a little more affordable,” said CTF Federal Director Franco Terrazzano. .“Canadians are worried about their grocery and gas bills and politicians can provide immediate relief by reducing taxes like other countries.”