The cost of food purchased from grocery stores increased 9.1 per cent annually in June, up from 9 per cent in May. On a monthly basis, Canadians paid 1.9 per cent more for gas than they did in May.įood prices continue to push stubbornly higher and remain one of the largest contributors to inflation, Statistics Canada said. Statistics Canada said the annual decrease was a result of elevated prices last year as China started to ease some COVID-19 health restrictions. Seasonally adjusted, the increase was also 0.1 per cent.īase-year effects in gasoline prices drove the slowdown in CPI, with prices falling 21.6 per cent year-over-year. On a monthly basis, CPI increased 0.1 per cent in June. "It was the stickiness of core inflation measures which was a concern for the Bank of Canada, and with CPI-trim and median showing little further progress towards the target band there remains a very real risk that interest rates could be raised again after the summer," CIBC economist Andrew Grantham While the better-than-expected headline result may be a positive for the Bank of Canada, economists noted that the central bank's closely watched core inflation metrics showed mixed progress. It marks the first time in 27 months that annual headline inflation was within the central bank's target range of between one and three per cent. The rise in the Consumer Price Index (CPI) was down from a 3.4 per cent increase in May, and brings it in line with the Bank of Canada's previous forecast that inflation would ease to around 3 per cent by mid-year. Johnston/Toronto Star via Getty Images)Ĭanada’s annual inflation rate slowed to 2.8 per cent in June, according to Statistics Canada, but Canadians continue to face price pressures as rising food prices and mortgage interest costs push ever higher. Canada’s annual inflation rate slowed to 2.8 per cent in June.
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