Statistics Canada Reporting Drop in Inflation

Tuesday, 16 August 2022 10:25

By Linda Morgan

Inflation rate slowed to 7.6 percent last month.

Statistics Canada is reporting a drop in the inflation rate last month.

The agency says the year over year inflation rate slowed down to 7.6 percent in July, after hitting a nearly 40 year high of 8.1 percent in June.

The drop is being attributed to cheaper prices at the pump.

However, while gas prices went down, food prices rose at the fastest pace since August 1981, with prices nearly 10 percent higher than a year ago.

The Bank of Canada is keeping a close eye on the latest inflation report, as it prepares to make its next key interest rate setting early next month.

The Bank is expected to raise borrowing rates again.

More from Local News

One Person Killed in Fort Erie Fire

Emergency crews were called this morning at around 8
St.Catharines/Lincoln Partner on Tourism

The municipalities had their 1st AGM last week, working together to grow tourism
Homeless Not Turned from Shelter: CAO

A local advocacy group for the homeless disputes the region's claim
Responsibility With Taxes a Must: Chair

Niagara's regional chair also pointing out the four areas he won't cut, and that he's been talking to NRP Chief about what they need
Man Arrested During Downtown Closure

Police closed a section of Court Street in St. Catharines yesterday afternoon, after they found a stolen vehicle, the driver sped off, but crashed
Update: Armed Robbery Suspect Arrested

Police say a Fort Erie store was held up
MP Pushing for Canal Restoration

Fred Davies says people in Port Colborne have been waiting years for the Welland Canal wharfs to be restored
Fort Erie Budget Passed for 2026

Taxes going up a few dollars a month for a household, but then double that when adding the region and school board portion