Statistics Canada Reports Drop in Inflation

Tuesday, 18 July 2023 10:32

By Linda Morgan

Inflation fell to 2.8 percent last month, but grocery prices remain high

The country's inflation rate fell last month.

Statistics Canada says it dropped from 3.4 percent in May to 2.8 percent in June.

The agency adds lower gas prices were a big factor in the slowdown.

However, Canadians still aren't seeing a lot of relief at grocery stores.

Grocery prices rose 9.1 percent on a year over year basis.

The Bank of Canada's rate hikes are also factoring into higher inflation through mortgage interest costs.

According to Statistics Canada, inflation would have risen two percent year over year without mortgage interest costs.

Earlier this month, the central bank increased interest rates in order to reduce inflation.

More from Local News

Welland CAO Optimistic for 2026

Jessica Ruddell is pleased with 2025 progress, but wants to build on that
Niagara Clinics Help Coughs, Colds

Niagara North Family Health Team says these are to help ease hospital ERs, meant for non emergencies
Clifton Hill Construction in January

The city says this is for Smart Pole installation for wireless services, lasting to the spring
Gas Prices to Hold Steady: Analyst

Prices have been seen as low as below a dollar in Niagara, and not expected to shoot up again until the spring or summer
NRP Using Warrant in Niagara Falls Area

They're asking everyone to avoid the area, but no risk to public safety
Part of Welland Canal Officially Named

This will happen in the spring at Port Dalhousie, for section of Canal that dates back roughly 200 years
Girl Assaulted in Break and Enter

Update: Suspect from Niagara Falls arrested, after assault in a home in Niagara on the Lake
Invest in Officer Well-Being: Former Chair

Former Chair of police services board says policing is significantly misunderstood by the public