The latest inflation numbers were released by Statistics Canada this morning, and here in Saskatchewan, the inflation rate continues to be below the national average. The rate of inflation in July was 2.5 percent nationally, and 1.55 percent here in Saskatchewan. While this is up slightly from June, when it was 1.4 percent, it is still the lowest in the nation, ahead of Manitoba at 1.8 percent.
The biggest changes year-over-year came in food and shelter, which were both up by 3.66 percent. This was similar to the increases seen last month. There were two areas, though, where prices were lower this past July than they were in July 2023. Clothing and footwear were down by 5.88 percent, and household operations were down 2.44 percent.
Gasoline prices did take a jump in July, after being down in June. Gasoline had an increase of 3.11 percent last month, after being down 3.09 percent in June. Energy prices continue to be down as well, with the rate of inflation excluding energy being 1.9 percent in Saskatchewan, but when energy is factored in, the rate is 1.55 percent.
The rate of inflation, or consumer price index, is released monthly by Statistics Canada. It measures the change in prices for goods and services across the nation based on the month, season, and year.