Energy costs drive highest consumer price growth in 6 years

by Steve Randall23 Jul 2018

Canadian households were under greater pressure in June as the Consumer Price Index gained 2.5% year-over-year.

The rise, up from 2.2% in May, was the largest since February 2012 according to Statistics Canada.

The transportation index was the largest contributor to the year-over-year CPI increase (rising 6.6% year-over-year).

Energy costs were up 12.4% year-over-year with gasoline prices up 24.6% and fuel oils and other fuels up 25.9%; both larger year-over-year increases than in May.

The homeowners' replacement cost index increased less on a year-over-year basis in June (+1.4%) than in May (+2.0%); and there were year-over-year decreases in CPI rises for services.

Mortgage interest costs were up 4.5% year-over-year and were among the 6 main contributors of the annual increase listed by StatsCan.

Prices rose more in six provinces in June on a year-over-year basis compared with the previous month. This growth was strongest in Prince Edward Island, where prices increased 2.9%.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?