Inflation in Canada
Canada - Inflation (end of period)
Inflation comes in at highest level since our records began in June
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%.
Canada - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||1.6||1.5||1.9||2.0||2.2|
5 years of economic forecasts for more than 30 economic indicators.
Canada Inflation (eop) Chart
Source: Statistics Canada.
|Bond Yield||1.70||1.00 %||Dec 31|
|Exchange Rate||1.30||0.15 %||Jan 01|
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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.
July 20, 2022
According to the Teranet-National Bank Composite House Price Index, house prices rose 1.4% in June (May: +2.3%).
July 13, 2022
On 13 July, the Bank of Canada (BoC) raised its target for the overnight rate from 1.50% from 2.50%, marking the fourth consecutive rate hike this year.
July 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 54.6 in June from May's 56.8.
June 30, 2022
GDP grew 0.3% in month-on-month seasonally-adjusted terms in April, which was a deterioration from March's 0.7% increase.