Gasoline continues to exert most of the pressure on rising consumer prices

Published on by Association des Propriétaires du Québec

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Gasoline continues to exert most of the pressure on rising consumer prices

Consumer prices have risen by 3,4 % in July of 2008, compared to the same period last year, upward relative to the growth over 12 months of 3,1 % registered in June of 2008. Again, higher gasoline prices have caused this strong pressure on rising consumer prices.

These are official figures which have been made public by Statistics Canada.

So, in July, the strongest increase over 12 months since March of 2003 has thus been observed. It is interesting to notice that consumer prices, exception being made for gasoline, rose by 2,1 % only, which is still an increase, however, relative to the growth rate over 12 months of 1,8 % announced in June.

On a ‘deseasonized’ monthly base the CPI (the Consumer Price Index), overall, has grown by 0,3 % between June and July of 2008, a downward trend compared to the increase of 0,8 % announced in June.

Consumers continue to feel the consequences of increased gasoline prices. Prices at the pump have grown by 28,6 % over the last 12 months up to July of 2008.

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