Aug 18, 2021
By Jeremy Logan
Statistics Canada says annual pace of inflation rose to 3.7% in July, the biggest increase since May 2011.
The year-over-year increase in the consumer price index compared with a 3.1% increase in June.
Excluding gasoline, the consumer price index for July increased 2.8% compared with a year ago.
Statistics Canada says only part of the year-over-year rise is due to comparing prices to the lows seen one year ago.
The largest driver of overall price growth stemmed from the country’s housing market, as homeowner replacement costs rose 13.8% year-over-year, the largest increase since October 1987.
Food prices increased by 1.7% in July compared with July 2020, with Statistics Canada noting prices for food purchased at restaurants grew by 3.1%, the highest increase since January 2019.