Last Updated Wednesday, August 21, 2019 11:42AM EDT
Prices showed strength in other areas, including an 18.9 per cent increase in the cost of fresh vegetables compared to July 2018. The consumer price index also found higher costs, year-over-year, for auto insurance, mortgage interest and passenger vehicles.Royce Mendes, senior economist for CIBC Capital Markets, said the higher-than-predicted number was supported by a temporary spike in airline fares that he attributed to a methodological change by Statistics Canada.
The average of Canada's three gauges for core inflation, which are considered better measures of underlying price pressures, was 2.03 per cent, up slightly from a revised reading of two per cent in June. BMO chief economist Douglas Porter said at the very least Wednesday's stronger-than-expected inflation reading "dims the odds of a September surprise" from the Bank of Canada, but that October's option remains open.
Porter added that the Bank of Canada's decision on rates will come down to its assessment of how trade risks will affect domestic growth. Prices, the report said, increased in all eight of its major categories compared with a year earlier. However, annual price pressures in the services index slowed last month to 2.4 per cent, down from 2.8 per cent.
Yay, our savings is worth 2% less than it was last year. Thank you bank of Canada for stealing from us!
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