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.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

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

BMO: Bank of Canada Could Hike Rates as High as 6% to Tame Inflation

The Bank of Canada’s surprise colossal 100 basis-point rate hike signalled that inflation has become...

Wednesday, July 20, 2022, 12:22:00 PM

5-Year Inflation Outlook Jumps to Highest Since 2006

The bond market is beginning to take into account the seriousness of impending consumer price...

Saturday, May 15, 2021, 12:39:00 PM

Argentina Prepares to Hike Rates As Inflation Soars Above 100%

Argentina’s economy continues to spiral into an even deeper crisis. The South American nation’s central...

Wednesday, May 17, 2023, 06:17:00 AM

Biden Touts ‘Tentative Deal’ With Unions To Prevent Railway Shutdown: 24% Effective Wage Increase, US$11,000 Payment Each

US President Joe Biden is taking a victory lap after his administration put forth a...

Thursday, September 15, 2022, 10:52:00 AM