The most recent Consumer Price Index, or inflation, numbers were released Tuesday morning by Statistics Canada. The numbers for July show the rate of inflation is up for July compared to June, with prices across the country 3.3 percent higher than they were in July 2022.
Here in Saskatchewan, the inflation rate was slightly behind the national mark, at 3 percent. This is the sixth lowest in the nation. It also marks just the 8th July since 2003 the rate of inflation in Saskatchewan was below the national mark.
The key drivers for inflation in Saskatchewan were food and shelter. The overall inflation rate for food in the province was 7.6 percent compared to July of last year, and for groceries, it was 7.3 percent. The increase year over year for shelter was 6.5 percent. This was the highest July jump for housing costs in Saskatchewan since 2008.
One thing helping to keep most of the inflation rates in the province under control is gasoline prices. Prices at the pump were down by 18.1 percent compared to last July. This was also the third July of the past five where prices declined year over year.