Canada CPI for July 3.7% versus 3.1% last month

Author: Greg Michalowski | Category: News

Canadian July consumer price index data

CPI Canada increase to 3.7%
  • prior 3.1% year on year
  • CPI MoM 0.6% vs 0.3% last month. Estimate 0.3%. This was the fastest pace since January 2021
  • CPI year on year rose 3.8% versus 3.1% in June
  • excluding gasoline CPI increase 2.8% year on year
  • Full report
Core measures (YoY)
  • Median 2.6% versus 2.4% last month. Estimate 2.4%
  • Common 1.7% versus 1.7% last month. Estimate 1.8%
  • Trimmed 3.1% versus 2.6% last month. Estimate 2.5%
Stronger than expected inflation data that of Canada.

Prices rose at a faster pace year over year in six of the eight major components in July, with shelter prices contributing the most to the all-items increase. Conversely, prices for clothing and footwear as well as alcoholic beverages, tobacco products and recreational cannabis slowed on a year-over-year basis in July compared with June.
  • Homeowners replacing costs index rises at its fastest rate since 1987. It rose 13.8% year-over-year in July. That was the largest yearly increase since October 1987
  • gasoline prices rose but at a slower pace. The year on year increase is at 30.9% versus 32.0% last month. July gasoline prices increase 3.5% month over month as OPEC supply remained below pre-pandemic levels though global demand increased
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