The Consumer Price Index (CPI) was up 2% year-over-year in June, easing the pace from May’s 2.4% amid lower energy costs.
But Statistics Canada reported Wednesday that without the effect of energy prices falling 4.1% year-over-year, the CPI was up 2.6%. Energy costs fell due to gasoline prices falling 9.1% while other fuel was down 4.1%. Alberta saw the largest drop with overall energy costs down 8.4% with gasoline down 17.9%.
Food was more expensive with this component up 3.5% year-over-year led by a 17.3% rise for fresh vegetables; durable goods were up 3%.
Homeowners’ home and mortgage insurance costs were up 6.3% and vehicle insurance rose 8.8%.