Lower energy costs eased the rise in consumer prices last month

Lower energy costs eased the rise in consumer prices last month

Lower energy costs eased the rise in consumer prices last month

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%.