Across Canada, the corresponding increase for July to July was 1.3 per cent.
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Statistics Canada said the transportation index, which includes gasoline, was the only one of eight components to show a decline.
The all-items consumer price index for Canada was up 1.3% during July from the same period one year ago, said the government agency Statistics Canada on Friday, matching the expectations in the market.
Canada’s annual inflation rate rose to its highest level in seven months in July as higher prices for food and clothing offset the moderating effect of cheaper energy.
Prices in Northern Ireland saw the biggest increase over the year, rising 9.0 per cent while in England prices were 6.1 per cent up. Prince Edward Island’s CPI fell on a year-on-year basis for the eighth consecutive month, reflecting the relatively larger weighting of energy products in the provincial index.
Other costs such as the price of clothing and footwear, particularly for women, also experienced an increased inflation rate.
“It is not inconsistent with the view that we’re sort of through the worst of that (first half) contraction”.
But the 2.4% rate is unlikely to prevent a further easing should the BOC deem it necessary, given that the underlying trend is below the 2.0% mid-range target in its view.
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Core inflation, which excludes the most volatile categories out of the consumer price index including fruit, vegetables, mortgage interest and natural gas, increased 2.4%. Neither EconoTimes nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.
