Inflation in BC climbed to 3.1% in July as Canada made its biggest jump in 10 years

The cost of living across Canada made its biggest jump in 10 years last month as the annual pace of inflation climbed to 3.7 per cent from 3.1 per cent in June.

Statistics Canada says that's the sharpest rise since May 2011, in part because consumers have more opportunity to spend as the economy re-opens after pandemic shutdowns.

Gas prices climbed 30 per cent compared with July of last year, but economists say a nearly 14 per cent leap in homeowner replacement costs, the heftiest boost since 1987, is the main reason for the increase.

Inflation in BC also climbed in July to 3.1 per cent from 2.4 per cent in June and Vancouver's rate spiked nearly one full percentage point, while the cost of living in Victoria last month was 2.7 per cent, seven basis points higher than its June setting.