Gas prices fuel 1.2 per cent increase in June inflation
Posted July 19, 2013 8:46 am.
This article is more than 5 years old.
OTTAWA – The annual inflation rate rose by 1.2 per cent in June, as gasoline and automobile prices rose sharply, Statistics Canada said Friday.
The increase put the inflation rate back into the desired range of between one and three per cent annual inflation that the Bank of Canada strives to achieve.
The major contributors in June were a 4.6-per-cent increase in gasoline prices at the pump and a two-per-cent hike in the cost of purchasing a new motor vehicle.
Food prices were up 1.2 per cent from the same month in 2012.
The Bank of Canada core inflation index moved up a more modest 0.2 percentage points to 1.3 per cent.
The official statistics were in line with private sector estimates.
Regionally, prices were higher in all provinces except British Columbia, which recorded its third consecutive month of disinflation, chiefly attributed to a one-per-cent decrease in food costs.
