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The Consumer Price Index rose 2.5 percent on a year-over-year basis in June, following a 2.2 percent increase in May. This is the largest year-over-year increase in the CPI since February 2012, according to new data from Statistics Canada.
Seven of eight major components rose year over year. The transportation index (+6.6 percent) was the largest contributor to the year-over-year increase, while the household operations, furnishings and equipment index (-0.1 percent) was the lone major component to decline.
Energy costs were 12.4 percent higher compared with June 2017, after increasing 11.6 percent year over year in May. Year-over-year gains in prices for gasoline (+24.6 percent) and fuel oil and other fuels (+25.9 percent) were larger in June than in May, as sustained increases in crude oil prices and exchange rate pressures continued to impact consumer prices. Prices for durable goods rose 0.6 percent year over year, led by growth in the purchase of passenger vehicles index (+1.8 percent). This gain is attributable to lower rebates on 2019 model-year vehicles.
Year-over-year gains in the price of services were lower in June (+2.2 percent) than in May (+2.3 percent), moderating the growth in the CPI. Prices for telephone services (-8.8 percent) continued to decline year over year, amid a series of industry-wide price promotions. Consumers paid 8.4 percent less for travel tours compared with June 2017. The homeowners' replacement cost index increased less on a year-over-year basis in June (+1.4 percent) than in May (+2 percent).
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 percent.
The CPI in Newfoundland and Labrador rose 2.3 percent in June. Gasoline prices were up 16.5 percent in the 12 months to June after increasing 5.5 percent the previous month.