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Manitoba's cost of living edges a little higher

By: Staff Writer

Friday, Jul. 20, 2012 at 10:54 AM | Comments: 0

WINNIPEG — The cost of living edged a little higher last month in Manitoba, according to new inflation figures released today.

Statistics Canada said Manitoba’s annual inflation rate climbed to 1.4 per cent from 1.1 per cent in May.

One of the consumer items that saw the biggest year-over-year increase in price was fresh and frozen beef -- up 13.2 per cent from a year earlier. Other items which also saw notable increases in price were homeowners’ maintenance and repairs (up 8.9 per cent), cigarettes (up 6.6 per cent increase ) and passenger vehicles (up 4.7 per cent).

Canada’s annual inflation rate climbed to 1.5 per cent in June from 1.2 per cent in May. The rising cost of passenger vehicles — up 3.9 per cent — was also cited as a major contributor at the national level.

Economists had actually projected an even greater uptick in the national inflation rate given May’s extremely low reading.

But they also cautioned that most of the increase would be temporary, caused by unusual base-effects from a year earlier when gas prices were receding and auto dealers launched an aggressive program of discounting.

StatsCan noted that discounting occurred this June as well — with car prices 2.7 per cent lower than they were a month earlier — but less so than happened a year earlier.

As well, gasoline prices continued to trend downwards this June by 3.2 per cent from May, but not as sharply as occurred last year at this time.

A truer picture of the inflation trend was reflected in the monthly measure, which saw the overall price of consumer goods and services Canadians regularly purchase fall by 0.4 per cent from May.

"Despite the many moving parts and all the dire headlines on food and energy, Canadian inflation remains remarkably stable, and one of the least of our economic concerns," said Doug Porter, deputy chief economist with BMO Capital Markets.

— with files by Canadian Press

murray.mcneill@freepress.mb.ca

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Updated on Friday, July 20, 2012 at 10:54 AM CDT:
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