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
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
BREAKING Israeli forces seize Rafah border crossing in Gaza, putting ceasefire talks on knife's edge
Israeli tanks seized control of Gaza’s vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as ceasefire negotiations with Hamas remained on a knife’s edge.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
'It looked so legit': Ontario man books $7,700 luxury villa on Booking.com, but the listing was fake
An Ontario man says he was charged more than $7,700 to book a luxury villa on a popular travel website -- but the listing was fake.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
Putin begins his fifth term as president, more in control of Russia than ever
Vladimir Putin began his fifth term Tuesday as Russian leader at a glittering Kremlin inauguration, setting out on another six years in office after destroying his political opponents, launching a devastating war in Ukraine and concentrating all power in his hands.
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.
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.