8.1°C Vancouver

Aug 15, 2023 6:24 PM - Connect News

Canada’s inflation rate rose to 3.3% in July

Share On
canadas-inflation-rate-rose-to-3-3-in-july
According to StatCan, higher gas prices contributed to the increase in inflation.

Inflation has started to rise again in Canada.

According to a report released by Statistics Canada on Tuesday, inflation rose to 3.3 per cent in July, down from 2.8 per cent in June for the first time since March 2021.

According to StatCan, higher gas prices contributed to the increase in inflation.

Meanwhile, food prices at grocery stores rose to 8.5 percent, but food prices rose at a moderate pace in July compared to the 9.1 percent jump seen in June.

Economists had already predicted that the inflation rate for the month of July may see a jump in the inflation rate.

BMO and CIBC had forecast inflation to reach 3.1 in July due to higher gasoline prices and said the the Bank of Canada is not expected to raise interest rates further as unemployment is likely to continue to rise, which it has increased from 5 to 5.5 percent during three months.

It is to be noted that the next interest rate decision by the Central Bank is to be taken on September 6 and before that the jobs data will also be important.

Latest news

three-year-deal-reached-in-labour-dispute-between-lifelabs-and-1-200-striking-workers
BCMay 21, 2025

Three-year deal reached in labour dispute between LifeLabs and 1,200 striking workers

British Columbia's main outpatient lab services provider says it has reached a deal with the union representing about 1,200 striking workers across the province. LifeLabs says in a statement that it and the BC General Employees' Union have reached the three-year collective bargaining agreement after both sides received binding recommendations from a mediator. Workers had been conducting job action in B.C. since February, rotating temporary closures at different lab locations. In its statement, LifeLabs says it appreciates working with the union and looks forward to continuing what it calls a "
canada-post-to-make-new-offers-ahead-of-strike-deadline-union-says
CanadaMay 21, 2025

Canada Post to make new offers ahead of strike deadline, union says

Canada Post is issuing a new set of offers today.The union representing more than 55-thousand postal workerssays its negotiating team is set to review the proposals soon. The announcement come days after the union issued a strike notice that could see postal workers back on the picket line early Friday. Canada Post has warned of delays in mail deliveries if the union resumes its strike.
s-p-tsx-falls-more-than-100-points-as-u-s-china-tensions-flare
CanadaMay 21, 2025

S&P/TSX falls more than 100 points as U.S., China tensions flare

Canada’s main stock index slid by more than 100 points and U.S. markets also tumbled Wednesday after China labelled America’s approach to semiconductors “unilateral bullying.” The S&P/TSX composite index was down 138.05 points at 25.917.58. In New York, the Dow Jones industrial average was down 304.55 points at 42,372.69. The S&P 500 index was down 12.27 points at 5,928.19, while the tech-heavy Nasdaq was up 47.78 points at 19,190.49. The Canadian dollar traded for 72.25 cents US compared with 71.76 cents US on Tuesday. The July crude oil contract was down 12 cents US at US$61
man-arrested-after-ramming-police-vehicle-in-chilliwack
BCMay 21, 2025

Man arrested after ramming police vehicle in Chilliwack

A man is facing multiple charges after crashing into a police vehicle in Chilliwack. Police said an RCMP front-line officer was on patrol in the early hours of May 16, 2025, when he saw the driver of a blue BMW driving erratically near the intersection of Yale Road and Hodgsons Road and attempted to stop him, but he hit the police vehicle and two other parked cars before fleeing. The BMW then hit another vehicle and crashed into a light pole, and the driver was taken into custody. Police said the driver was also taken to hospital for treatment of minor injuries. He is currently being held i
us-administration-slams-bc-over-drugs
BCMay 21, 2025

US administration slams BC over drugs

The BC government and the US administration are at loggerheads over the fentanyl drug issue. Trump's FBI chief has accused Vancouver of fueling the fentanyl crisis in the US. In an interview, Kash Patel claimed that criminal networks backed by China, Russia and Iran, among other foreign powers, are smuggling fentanyl through Canadian routes, especially around Vancouver, via air and sea. The BC government has categorically denied the claim. Minister Ravi Kahlon said the US administration's new claim is to divert attention from the tariffs. He said the US's own data shows that very few fentanyl

Related News