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
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Courteney Cox says her partner Johnny McDaid once broke up with her in therapy
Courteney Cox's longtime partner Johnny McDaid once broke up with her in a therapy session.
Are Canadians getting sick from expired food?
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Body of Quebec man who died in Cuba found in Russia, family confirms
A Montreal-area family confirmed to CTV News that the body of their loved one who died while on vacation in Cuba is being repatriated to Canada after it was mistakenly sent to Russia.