Canada Inflation June 2022

Canada

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%.

FocusEconomics analysts project inflation to average 6.2% in 2022, which is up 0.6 percentage points from last month’s forecast. In 2023, our panel sees inflation averaging 3.0%.


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Canada Inflation June 2022

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
Source: Statistics Canada (SC).


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