“The Consumer Price Index (CPI) rose 2.5% on a year-over-year basis in June, following a 2.2% increase in May,” Statistics Canada reported on Friday.
Key takeaways from the official publication
- This is the largest year-over-year increase in the CPI since February 2012.
- This month’s year-over-year CPI increase follows a year of gradual acceleration in consumer price inflation, from a recent low of 1.0% year over year in June 2017.
- This trend reflects increases in prices for gasoline and food purchased from restaurants, as well as offsetting factors such as lower price inflation for electricity and telephone services.
- These movements coincide with recent improvements in the economy and the labour market, as well as an increase in oil prices.
- On a seasonally adjusted monthly basis, the CPI rose 0.1% in June, matching the increase in May.
Share
