In this edition:
Gasoline price drop leads to inflation slowdown, but prices on other goods continue to rise
The Consumer Price Index (CPI) rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. The deceleration was a result of slower year-over-year growth in gasoline prices.
Excluding gasoline, prices rose 6.6% year over year in July, following a 6.5% increase in June, as upward pressure on prices remained broad-based.
On a monthly basis, the CPI rose 0.1% in July, the seventh consecutive monthly increase. On a seasonally adjusted monthly basis, the CPI was up 0.3%. Both of these gains were the smallest, respectively, since December 2021.
While gasoline prices declined on a monthly basis in July, prices for other non-durable goods like natural gas and groceries rose. Price increases for in-person services such as flights, restaurant meals and hotel stays contributed to the month-over-month increase.
On average, price increases continued to exceed the year-over-year increase in hourly wages (+5.2%) in July. While consumer inflation continued to exceed wage growth, the gap in purchasing power was smaller than in June.
Vote-by-mail applications now being accepted in St. Catharines
Applications for vote-by-mail packages for the 2022 Municipal and School Board Election are being accepted online by the City of St. Catharines starting today.
Eligible voters are now able to register for this alternative method of voting that provides electors the opportunity to cast their vote in an accessible, convenient way, without physically attending a voting location.
Vote-by-mail information, the application form, and an instructional video can be found at stcatharines.ca/VoteByMail.
Residents will still be able to vote through the traditional methods, including at polling locations in advance, and on election day, Oct. 24.
Meridian welcomes new Chief People and Culture Officer
Meridian is pleased to announce the appointment of Patricia (Patty) Johns, Chief People and Culture Officer, effective August 15, 2022.
As Meridian’s Chief People and Culture Officer, Patty is responsible for developing Meridian’s Human Resources vision and a multi-year strategy for an employee centric flexible workplace that is relevant for today and the future. She will oversee the design, delivery and monitoring of Meridian’s Employee Experience programs including benefits design, talent acquisition and development programs for Meridian’s 2000 employees. She will also oversee the Corporate Communications and Member Relations teams.
Canada Summer Games continue
Click here for a list of events, times, and locations.
Focus on Finance and Economy
Canadian inflation cools, but hot core keeps up rate pressure
BNN Bloomberg
Consumer price inflation cooled as gasoline prices fell by the most since the start of the pandemic, though underlying price pressures will likely push the Bank of Canada to continue delivering aggressive rate hikes.
The consumer price index rose 7.6 per cent in July from a year earlier, Statistics Canada reported Tuesday in Ottawa. The inflation gauge increased 0.1 per cent from a month earlier, the seventh straight increase. Both numbers matched the median estimates in a Bloomberg survey of economists.
Canada’s headline inflation drops below 8%: What you need to know
Financial Post/Yahoo Finance
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
