Canada CPI Falls to 2.8% in June

Latest data from Statistics Canada shows consumer prices rose 0.1% month-over-month to an annualized 2.8% in June, marking a substantial decline from May’s 3.4% reading and below economists’ forecasts calling for a CPI print of 3%. Still, much like last month, most of the decline was due to base-year effects of lower gasoline prices, while grocery prices and record-high mortgage interest costs continue to put upward pressure on overall inflation.

Aside from the gasoline component, inflation stood at 4% year-over-year in June, after rising 4.4% in May. The price of gasoline was down 21.6% compared to June 2022, when demand for crude oil rose in unison of China reopening its economy from Covid-19 lockdowns.

Grocery prices, meanwhile, rose by an annualized 9.1% in June, after rising 9% in May. Leaving the grocery component out of the equation, last month’s CPI stood at 1.7%. As was the story in May, mortgage interest costs continued rising, and are up a staggering 30.1% over the past 12 months. Excluding this index, the all-items CPI increased 2%.

Information for this story was found via Statistics Canada. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Is It Becoming Socially Acceptable to Steal From Price-Gouging Grocery Stores?

A recent increase in social media users announcing that they have been shoplifting from Canadian...

Tuesday, January 17, 2023, 07:29:00 AM

CMHC: Canada’s Housing Market Slated to Cool From Historic Highs

Canada’s housing market is expected to recede from the historic highs witnessed throughout 2021, as...

Thursday, April 21, 2022, 02:54:00 PM

US Manufacturers Face Growing Steel Shortage, Call on Removal of Trump’s Tariffs

The coronavirus pandemic has created significant global shortages of numerous commodities, causing spot prices to...

Monday, March 1, 2021, 03:56:00 PM

Not-So-Transitory Inflation SOARS by Fastest Pace Since February 2003

It’s unofficially official: central banks are losing control of galloping inflation, as the “transitory” deterioration...

Wednesday, October 20, 2021, 05:26:00 PM

Europe’s Inflation Problem Looks Much More Intractable Than Of North America’s

Bringing inflation down to more palatable levels is beginning to cause economic pain in both...

Monday, July 4, 2022, 03:42:00 PM