B.C.’s inflation rate hit 3.3 per cent in July, the same month the annual rate crept up to a level not seen across the nation since 2011.
Statistics Canada’s Consumer Price Index [CPI] revealed Aug. 17 the country’s annual inflation rate jumped three per cent last month, helped along with big increases in the cost of gasoline (+25.4 per cent) and air transportation (+28.2 per cent).
“Well, that was a huge CPI headline in a month that’s usually soft. However, one month does not make a trend and the core inflation measures remain anchored at two per cent,” BMO chief economist Doug Porter said in a note to investors, referring to measures followed by the Bank of Canada that strip away volatile items like food and gasoline.
“It’s going to take more than one month of elevated inflation to convince the BoC that inflation is poised to accelerate.”
The country also saw notable increases in food purchased from restaurants (+4.4 per cent), mortgage interest cost (+5.2 per cent) and the purchase of vehicles (+ two per cent).
torton@biv.com
@reporton
