Sask. crops expected to beat predictions

Inflation slowed in August and retail sales were down in July in Saskatchewan, thanks partly to lower gasoline prices, according to Statistics Canada. What: The consumer price index (CPI) charts the prices of eight major components: including food, shelter, transportation, clothing and footwear, health and personal care, household products, recreation, education and reading materials, and alcohol and tobacco products. Changes in the CPI indicate an increase or decrease in the cost of living. Retail sales include motor vehicles and parts dealers, furniture and home furnishings, electronics and appliances, building materials, food and beverage, health and personal care, gasoline stations., clothing, sporting goods and general merchandise stores. What’s up, what’s down: Inflation in Saskatchewan increased by 0.7 per cent year over year in August, which was 0.2 per cent lower than the annual inflation rate in July. Saskatchewan was one of seven provinces where the rate of inflation rose less in August than July. Saskatchewan retail sales fell 3.3 per cent in July, offsetting the gain in June. What it means: The 0.7 per cent rise in inflation in Saskatchewan was largely due to increases in the cost of food (0.8 per cent), shelter (1.3 per cent) and household products (2.9 per cent), partially offset by decreases in clothing (0.1 per cent) and transportation (0.3 per cent), which was driven by a 16 per cent decrease in gasoline prices.

“Retail sales were down in all three Prairie provinces, mainly as a result of lower sales at new car dealers and gasoline stations,” Statistics Canada said.