Canada: Inflation comes in at highest level since our records began in June
July 20, 2022
Consumer prices increased a seasonally-adjusted 0.59% in June over the previous month, coming in below May's 1.07% rise. The slowdown was primarily driven by softer growth in prices for housing. In addition, price pressures for transportation and recreation and culture eased.
Despite the month-on-month moderation, inflation rose to 8.1% in June from May’s 7.7%. June's result marked the highest inflation rate since our current records began. Meanwhile, the trend pointed up, with annual average inflation coming in at 5.6% in June (May: 5.1%). Finally, core inflation ticked up to 6.2% in June, from May’s 6.1%.