Canada’s inflation rate ticked back up last month.
Statistics Canada announced that Canada’s annual inflation rate rose to 3.3% last month, an increase from the 2.8% in June.
One of the biggest reasons for this inflation rate increase is gas prices. Gas prices increased 0.9% in July 2023 compared to a 9.2% monthly decline in July 2022.
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Electricity prices rose at a faster pace year over year in July 2023 (+11.7%) than in June (+5.8%).
“This acceleration was mostly due to a 127.8% increase in Albertan electricity prices, which can be volatile, amid high summer demand,” says Statistics Canada.
Mortgages remained the largest contributor to headline inflation. Mortgage interest costs have gone up by 30.6% in the past year.
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