There’s more evidence that the scorching rate of inflation has reached its peak, as reports growth of 7.6% in July. That’s the first month-over-month decline seen in 12 months, falling from June’s 40-year record of 8.1%.
According to the data, on a monthly basis, the Consumer Price Index rose 0.1% in July, the seventh consecutive monthly increase. On a seasonally adjusted monthly basis, the CPI was up 0.3%. Both of these gains were the smallest, respectively, since December 2021, says StatCan. The cost of in-person services, such as flights , dining out, and hotel stays, also contributed to the monthly uptick.
While home prices are not part of the CPI measure, the mortgage interest cost index makes up a substantial portion of the basket of goods. It rose 1.7%, the first increase since September 2020, as higher bond yields and interest rates have made their mark on the cost of borrowing. StatCan also flags that given today’s higher mortgage rate environment, upward pressure will be placed on rents, which rose 4.9% YoY in July, and up from 4.3% in June. Rental markets in Ontario lead the surge and in Alberta . This most recent reading aligns with the forecast from the Bank of Canada, which called for prolonged high inflation in the 8% range before chilling in the final quarter of the year.
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