Inflation down across Canada, up slightly in British Columbia
Inflation may be cooling across most of Canada, but people are still feeling the pinch of higher prices, especially in B.C. where the cost of goods increased slightly in July, according to Statistics Canada.
The agency said year-over-year, inflation across the country was 7.6 per cent in July, that's lower than June when it was 8.1 per cent. Most of the decrease is driven by lower gas prices.
At the same time, some groceries are costing a lot more. Compared to this time last year -- eggs, fresh fruit and baked goods cost consumers more than 10 per cent more.
According to the Statistics Canada report, B.C. was the only province where inflation increased. The rate going from 7.9 percent in June to eight percent in July. The agency said travel accommodations, car insurance, and gas prices -- notoriously the highest in the country - are the biggest factors.
The province sets rent increases based on July's inflation number. This year, the cap will be lower.
Housing Minister Murray Rankin told CTV News in a statement that the particulars are still being ironed out.
"As many renters are barely hanging on and cannot afford a change in their rent at current rates of inflation, we will be capping the annual allowable rent increase for 2023 below the rate of inflation," he wrote
"We are finalizing the details of what the rent cap will be, and will have more to say in the coming weeks.'
Homeowners may also be on the hook for higher mortgage payments. While the head of the Bank of Canada thinks inflation may have peaked -- it's still much higher than its target of two percent.
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.