Inflation in Canada
Canada - Inflation
Inflation ticks down in June
Consumer prices fell a seasonally-adjusted 0.1% from a month earlier in June, contrasting May’s 0.3% rise. According to Statistics Canada, the decrease was mostly driven by lower prices for transport, and recreation and education.
Inflation edged down to 2.0% in June (May: 2.4%), on lower prices at the pump, matching market analysts’ projections and consequently landing at the midpoint of the Central Bank’s target range of 1.0% to 3.0%. Meanwhile, annual average inflation also softened marginally to 2.1% in June (May: 2.2%).
That said, inflation average notably higher in Q2 this year relative to the first quarter, likely the result of the carbon tax implemented at the start of the second quarter and a tight labor market. Going forward, inflation will likely remain within the Bank’s target range, supported by healthy labor market dynamics. Developments in oil markets remain a key risk to the inflation outlook.
In its July monetary policy report, the Bank of Canada projected inflation averaging 1.8% in 2019 and 1.9% in 2020. FocusEconomics Consensus Forecast analysts, meanwhile, see inflation averaging 1.9% in 2019, which is unchanged from the previous month’s forecast. For 2020, our panelists see inflation averaging 2.0%. A new FocusEconomics Consensus Forecast will be published on 23 July.
Canada - Inflation Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 0.9 | 1.9 | 1.1 | 1.4 | 1.6 |
Canada Inflation Chart
Source: Statistics Canada.
Canada Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.58 | 1.00 % | Jul 10 |
| Exchange Rate | 1.31 | 0.15 % | Jul 11 |
| Stock Market | 16,528 | 0.23 % | Jul 11 |
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Economic News
Canada: House prices continue to increase in June
July 18, 2019
House prices ticked up 0.8% on a monthly basis in June, according to the Teranet-National Bank Composite House Price Index, up from May’s 0.5% increase.
Canada: Inflation ticks down in June
July 17, 2019
Consumer prices fell a seasonally-adjusted 0.1% from a month earlier in June, contrasting May’s 0.3% rise.
Canada: Housing starts surge in June, rounding off a solid Q2
July 10, 2019
Housing starts on a seasonally-adjusted (SAAR) basis rose to 245,657 units in June, according to the Canada Mortgage and Housing Corporation (CMHC), smashing analysts’ expectations.
Canada: Bank of Canada leaves rates unchanged in July amid elevated trade tensions
July 10, 2019
On 10 July, the Bank of Canada (BoC) left its target for the overnight rate unchanged at 1.75% as had been widely expected by market analysts.
Canada: IHS Markit manufacturing PMI virtually unchanged in June, signals worsening operating conditions
July 2, 2019
In June, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) ticked up to 49.2 from 49.1 in May.
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