Inflation decelerating to 2.7%

In July inflation dropped to 2.7%, still higher but better than 3.3% in May, and 3.1% in June. However, July 2011 marks the first full year of implementation of the new HST tax (harmonization in several provinces), so in fact the overall inflation picture is slightly muddied. It would be fair to say that inflation pressure has not altered that much.

The 12-month change in the CPI and the CPI excluding food and energy

The 12-month change in the CPI and the CPI excluding food and energy

(Source: StatsCan)
Culprits are the usual suspect: Food and fuel!Food prices rose 4.3% in the 12 months to July, matching the increase in June. Excluding food and energy, the Consumer Price Index (CPI) increased 1.2% in the 12 months to July, after advancing 1.4% in June.

Not the end of the world, but not great. As usual removing energy and food from the CPI is a poor measure of inflation pressures felt by Canadians.

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