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Jump in tobacco taxes accounts for more than half of increase
Jump to full article: Toronto (Ont) Star (ca), 2002-07-24
Author: Steven Theobald / business reporter
Intro: A jump in tobacco taxes sparked a rise in Canada's June inflation rate.
The consumer price index, or CPI, rose to an annual rate of 1.3 per cent last month, up from 1 per cent in May, Statistics Canada reported yesterday.
Cigarette prices, up 32.1 per cent from June, 2001, accounted for more than half of the increase, StatsCan noted.
"If you're not a smoker, June was a pretty mild month for prices," said Avery Shenfeld, senior economist at CIBC World Markets. . .
Financial markets are more interested in the CPIX, which strips out eight volatile categories, such as food, energy and tobacco.
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