The Consumer Price Index (CPI) rose 3.7% on a year-over-year basis in July, up from a 3.1% gain in June. Excluding gasoline, the CPI increased 2.8% year over year.
On a monthly basis, the CPI rose 0.6% in July, the fastest pace since January 2021. On a seasonally adjusted monthly basis, the CPI was up 0.5%.
Prices for upholstered furniture rose 13.4% year over year in July, largely as a result of lower supply and higher input costs. The introduction of tariffs on upholstered furniture, first implemented in early May 2021, may also have contributed to the increase.
The video equipment index was up 4.8% year over year, mainly driven by higher prices for televisions.
In July 2021, gasoline prices increased 3.5% month over month
Details see The Daily — Consumer Price Index, July 2021
On a monthly basis, the CPI rose 0.6% in July, the fastest pace since January 2021. On a seasonally adjusted monthly basis, the CPI was up 0.5%.
The Consumer Price Index (CPI) rose 3.7% on a year-over-year basis in July, up from a 3.1% gain in June. On a monthly basis, the CPI rose 0.6% in July, the fastest pace since January 2021.
Homeowners' replacement cost index rises at its fastest rate since 1987
The homeowners' replacement cost index, which is related to the price of new homes, continued to trend upward, rising 13.8% year over year in July, the largest yearly increase since October 1987.Prices for durable goods increase at a faster pace
Year-over-year price growth for goods rose at a faster pace in July (+5.0%) than in June (+4.5%), with durable goods (+5.0%) accelerating the most. The purchase of passenger vehicles index contributed the most to the increase, rising 5.5% year over year in July. The gain was partially attributable to the global shortage of semiconductor chips.Prices for upholstered furniture rose 13.4% year over year in July, largely as a result of lower supply and higher input costs. The introduction of tariffs on upholstered furniture, first implemented in early May 2021, may also have contributed to the increase.
The video equipment index was up 4.8% year over year, mainly driven by higher prices for televisions.
Spotlight on food prices
Overall food prices increased in July 2021 (+1.7%) compared with July 2020. Prices for food purchased from restaurants grew by 3.1%, the highest increase since January 2019, mainly driven by food purchased from fast food and take-out restaurants (+3.3%). Food purchased from stores (+1.0%) also rose in July. Canadians consume a variety of different foods, which can result in large price changes that offset each other at the aggregate level. For instance, prices for meat (+3.1%) and dairy products (+3.5%) increased on a year-over-year basis in July, while prices for fresh vegetables (-7.5%) and fresh fruit (-0.6%) fell during the same period. ( reminder: July is a good season for fruits and vegs.)Gasoline prices
Year over year, prices for gasoline rose less in July (+30.9%) than in June (+32.0%). A base-year effect continued to impact the gasoline index, as prices in July 2020 increased 4.4% on a month-over-month basis when many businesses and services reopened.In July 2021, gasoline prices increased 3.5% month over month
Details see The Daily — Consumer Price Index, July 2021
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