Gasoline Prices Prop Up July Consumer Spending
Canada’s Index of Consumer Spending stood at 126.0 in July 2026, a decline of 1.7 points from June. Higher prices rather than higher volumes have kept the index elevated 5.6 points above the July 2025 level, as consumers have paid more per transaction.
With global energy rates affected by ongoing tensions in the Strait of Hormuz and Red Sea shipping routes, what portion of the July 3.0 per cent CPI inflation rate is attributable to rising fuel prices in Canada? How have ex-gasoline retail sales fared, and have wage growth and employment numbers kept pace to allow household spending capacity to expand? What regions have experienced the heftiest gains and greatest declines, and what dynamics are at play in these variations?
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