Sask. inflation rate remains steady at 8.1 per cent in July

Saskatchewan’s inflation rate remained steady at 8.1 per cent from June to July, despite a month over month dip at the national level.

Statistics Canada’s Consumer Price Index (CPI) rose 7.6 per cent on a year-over-year basis in July nationally – down slightly from an 8.1 per cent gain in June.

Saskatchewan and British Columbia are the only two provinces in Canada whose CPI increases did not slow down month over month.

Statistics Canada attributed the national deceleration to slower year-over-year growth in gasoline prices.

Gas prices in Saskatchewan were 42.8 per cent higher in July relative to the same period last year. That mark is down from the year-over-year increase of 58.9 per cent the province experienced in June.

Nationally, Statistics Canada said consumers paid 9.2 per cent less for gasoline in July than in June.

The agency said the downward trend in prices at the pump can be attributed to lowered worldwide demand for crude oil due to concerns related to a slowing global economy, increasing COVID-19 health restrictions in China and slowing demand for gasoline in the United States.

Despite a decline in gas prices, Saskatchewan consumers were still spending more on food month-over-month.

Food prices were up 8.4 per cent in July year-over-year. That figure is also up from the 6.7 per cent increase reported in June.

The CPI measures changes in prices for Canadian consumers by comparing the cost of a fixed basket of goods and services.