The inflation rate in Saskatchewan is coming down but it is still lagging much of the country.
Earlier this week we heard that the CPI or Consumer Price index fell to 2.8 per cent in June. That is below the Bank of Canada’s target which sparked some hope that maybe we’re at the end of interest rate hikes that are designed to bring inflation under control.
But we shouldn’t get too excited just yet, especially here where we our rate in June was 3.3 per cent, a half point higher than the national figure and among the top three or four provinces in terms of increases.
Here’s some of the back story. While the rate is down, it is all about gasoline prices and the cost of a vehicle. They’re down in most of the country but any driver in these parts knows that fuel in Saskatchewan did not drop by 20 per cent like it did in some regions. So, our inflation rate is higher.
And then there’s food. Inflation on items purchased at a grocery store went up last month. In other words, inflation is far from done.
