Canada inflation rate

Canada's annual inflation rate jumped to 7.7 per cent in May, the fastest pace of rising consumer prices in nearly four decades, Statistics Canada reported ...

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","storytag":"Updated","enableConversations":true,"publishedepoch":1655892000000,"lastmodifiedepoch":1655926257750,"abstractVisible":true,"abstract":"The inflation rate rose to its highest level in nearly 40 years, fuelled by soaring gas prices. ","shortSeoGoogleHead":"Canada's inflation rate skyrockets to 7.7%","canonicalUrl":"https://www.thestar.com/business/2022/06/22/just-how-high-have-prices-gone-statistics-canada-to-release-latest-inflation-data-wednesday-morning.html","seoDescription":"The inflation rate rose to its highest level in nearly 40 years, fuelled by soaring gas prices. Meat prices rose to nine per cent, but at a slower pace than the 10.1 per cent rise in April. ","hasImage":true,"section":"Business","abstract":"The inflation rate rose to its highest level in nearly 40 years, fuelled by soaring gas prices. That all plays a role in higher grocery prices,” Porter said. ","asset_id":"78f3ad3e-1c8f-45b2-a698-30aa0770fdc4","title":"Canada’s inflation rate skyrockets to 7.7%, largest increase since 1983","type":"article","smg_tag":"business","url":"https://www.thestar.com/business/2022/06/22/just-how-high-have-prices-gone-statistics-canada-to-release-latest-inflation-data-wednesday-morning.html","site_name":"thestar.com","enableLivechatadmin":"false","thumbor_image":"{\"imageid\":\"G821I7HDL.3\",\"origImageSize\":\"1200x800\",\"cropthumb\":\"0,0,1200,800\",\"lastmodified\":1655923942292,\"fullWindowMainart\":false,\"forceoriginal\":false,\"caption\":\"Gasoline, the most significant driver of inflation, has shot up in price since Russia\\u2019s invasion of Ukraine in February.\",\"source\":\"Toronto Star file photo\",\"type\":\"image\",\"credit\":\"Andrew Francis Wallace\",\"mainartSize\":\"medium\",\"url\":\"/content/dam/thestar/business/2022/06/22/just-how-high-have-prices-gone-statistics-canada-to-release-latest-inflation-data-wednesday-morning/gas.jpg\"}","published_time":"2022-06-22T10:00:00Z","publisher":"https://www.facebook.com/torontostar","last_modified":"2022-06-22T19:30:57.750Z","author_names":["Jacob Lorinc"],"authors":"[{\"author\":\"Jacob Lorinc\",\"photo\":{\"origImageSize\":\"5134x3447\",\"lastmodified\":2700061000,\"url\":\"/content/dam/thestar/columnist_logos/Lorinc_Jacob_logo2019new.JPG\"}}]"},"seoHead":"Canada’s inflation rate skyrockets to 7.7%, largest increase since 1983","chevronTextBGColor":"009988","headline":"Canada’s inflation rate skyrockets to 7.7%, largest increase since 1983","subheadline":"The inflation rate rose to its highest level in nearly 40 years, fuelled by soaring gas prices. At a Toronto event Rogers said “we know inflation is keeping Canadians up at night, it’s keeping us up at night, and we will not rest easy until we get it back","youtubeid":"YmLXYV7MjI0","type":"youtube","title":"Bank of Canada's Carolyn Rogers talks inflation","thumbnailUrl":"https://i.ytimg.com/vi/YmLXYV7MjI0/sddefault.jpg","channelTitle":"Toronto Star"},{"text":"Jacob Lorinc is a Toronto-based reporter covering business for the Star. 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","type":"text","isParagraph":true,"isHeading":false},{"type":"textBreakPoint","insertAt":"contentEndBreakPoint"},{"text":"One item that has not kept pace with most rising costs is wages. ,"url":"/content/dam/thestar/news/canada/2022/06/21/as-inflation-rages-beware-shrinkflation-objects-on-the-grocery-shelves-may-be-smaller-than-they-appear-canadian-experts-warn/_main.jpg","sizes":{"1:1":{"small":"https://images.thestar.com/X2v9KVxVNIZNutbUBQr10EGoFkU=/0x0:1200x800/100x100/smart/filters:format(webp)/https://www.thestar.com/content/dam/thestar/news/canada/2022/06/21/as-inflation-rages-beware-shrinkflation-objects-on-the-grocery-shelves-may-be-smaller-than-they-appear-canadian-experts-warn/_main.jpg"},"3:2":{"small":"https://images.thestar.com/rmKF93_P934-IvTzMFuSdKobN5k=/0x0:1200x800/114x76/smart/filters:format(webp)/https://www.thestar.com/content/dam/thestar/news/canada/2022/06/21/as-inflation-rages-beware-shrinkflation-objects-on-the-grocery-shelves-may-be-smaller-than-they-appear-canadian-experts-warn/_main.jpg","medium":"https://images.thestar.com/1i7g33gV_X2qNH_bIA5YlpnTsfs=/0x0:1200x800/330x220/smart/filters:format(webp)/https://www.thestar.com/content/dam/thestar/news/canada/2022/06/21/as-inflation-rages-beware-shrinkflation-objects-on-the-grocery-shelves-may-be-smaller-than-they-appear-canadian-experts-warn/_main.jpg","large":"https://images.thestar.com/B3zOJ6VLxEPg8UCWt6SODrP6sIk=/0x0:1200x800/690x460/smart/filters:format(webp)/https://www.thestar.com/content/dam/thestar/news/canada/2022/06/21/as-inflation-rages-beware-shrinkflation-objects-on-the-grocery-shelves-may-be-smaller-than-they-appear-canadian-experts-warn/_main.jpg"},"21:9":{"large":"https://images.thestar.com/B8shohcpcCWL0Ktgrpho9_LcdFs=/0x0:1200x800/1080x460/smart/filters:format(webp)/https://www.thestar.com/content/dam/thestar/news/canada/2022/06/21/as-inflation-rages-beware-shrinkflation-objects-on-the-grocery-shelves-may-be-smaller-than-they-appear-canadian-experts-warn/_main.jpg"}}},"labels":{"section":"Canada","trust":null,"special":null},"enableConversations":true,"enableLivechat":false,"publishedepoch":1655904780000},{"url":"/business/2022/06/21/inflation-is-here-there-and-everywhere-why-economists-see-prices-rising-by-another-percentage-point-on-wednesday.html","assetId":"af7203e9-b8f6-448c-bd5c-3d5aa129ade7","headline":"‘Inflation is here, there and everywhere’: Why economists see prices rising by another percentage point on Wednesday","abstract":"“If we end up being wrong tomorrow, it’ll be because the number is higher than what we projected.”","image":{"origImageSize":"1200x783","cropthumb":"0,0,1175,783","lastmodified":1655903535330,"alt":"While gas prices grew by more than 11 per cent in March before cooling slightly in April, economists expect that gas prices likely grew by almost 12 per cent (month-over-month) in May as low supply and rising summer demand converged. ","heading":"","fullWindow":false,"fullBleed":false,"showFullBleedOnMobile":false,"headColor":"","type":"html5mobile","textColor":"","mobileImageUrl":"","bgColor":"","imageUrl":"","registeredOnly":false,"linkUrl":"","aodaTitle":" ","internalScroll":false,"displayStyle":"small-up"},{"type":"textBreakPoint","insertAt":"contentMiddleBreakPoint"},{"text":"Food costs at restaurants grew 6.8 per cent in May. ","type":"text","isParagraph":true,"isHeading":false},{"text":"Grocery prices also increased to 9.7 per cent as a result of supply chain disruptions, high demand, droughts and Russia’s invasion of Ukraine.","type":"text","isParagraph":true,"isHeading":false},{"type":"ad","heading":"ARTICLE CONTINUES BELOW","name":"ArticleSecondBigBox","display":"medium-down","pos":"2","interstitial":true,"sizes":[[300,250]]},{"text":"Edible fats and oils had their largest increase on record at 30 per cent, mainly driven by the higher cost for cooking oils, Statistics Canada said. 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Statistics Canada says the inflation rate hit 7.7 per cent in May, the largest increase since January 1983, as gas and food prices surged.

The cost of services in May rose 5.2 per cent compared with a year ago, up from a gain of 4.6 per cent in April, as Canadians travelled and ate in restaurants more often. “We know inflation is keeping Canadians up at night. The average of the three core measures of inflation that are closely watched by the Bank of Canada rose to 4.73 per cent in May compared with 4.43 per cent in April. Essentials such as food and shelter took on slightly reduced weightings. The gain came as energy prices rose 34.8 per cent compared with a year ago with gasoline prices up 48.0 per cent compared with a year ago. The agency said its consumer price index in May rose 7.7 per cent compared with a year ago, its largest increase since January 1983 when it gained 8.2 per cent, and up from a 6.8 per cent increase in April this year.

Statistics Canada reported Wednesday that an uptick in the price of gasoline was a major factor causing the overall inflation rate to hit 7.7 per cent. Gas ...

Another 75-point hike would bring the bank's key lending rate to 2.25 per cent, the highest it has been since the financial crisis in 2008. While that's lower than the overall inflation rate, it was nonetheless one of the major factors contributing to the higher overall increase, Statistics Canada said. Economists had been expecting the rate to increase from a 30-year high of 6.8 per cent in April, but the numbers for May blew past those expectations. "Interest rates began to increase in March, but monetary policy does not work overnight," he said. Canada is not the only country dealing with inflation at its highest level in decades. Statistics Canada reported Wednesday that an uptick in the price of gasoline was a major factor causing the overall inflation rate to hit 7.7 per cent. Prices increased by 1.4 per cent in the month of May alone. Food prices were also a major factor to the upside, with grocery bills increasing by 9.7 per cent over the past year. "If you aren't over 40, you have never lived through inflation like this, and unfortunately, we are not expecting much of a reprieve going forward," TD Bank economist Leslie Preston said. From meat for burgers, to flour for buns and even cardboard for packaging, he's seen the price of just about everything he needs to run his business skyrocket during the pandemic. Consumers are feeling the pinch. "Luckily, burgers have always been kind of recession proof and even pandemic proof."

Canada's annual inflation rate accelerated to 7.7% in May, galloping past April's 6.8% and analyst forecasts of 7.4%, data from Statistics Canada showed.

It also included a way of measuring used car prices, but that too had no impact on the headline number. CPI median and trim, at 4.9% and 5.4% respectively, were the highest on record. Excluding gasoline, the annual rate rose 6.3% up from 5.8% in April, Statscan said. And we think the Bank of Canada will be doing the same." Money markets see about an 80% change of a very rare 75-bp increase on July 13. And that's what has central banks on high alert," he added.

The annual inflation rate skyrocketed to its highest level in nearly 40 years in May, fuelled by soaring gas prices, Statistics Canada said Wednesday.

Excluding gasoline, the annual inflation rate in May rose to 6.3 per cent compared with 5.8 per cent in April. The cost of services in May also rose 5.2 per cent compared with a year ago, up from a gain of 4.6 per cent in April, as Canadians travelled and ate in restaurants more often. That's up almost a percentage point from April's 6.8 per cent gain. The average of the three core measures of inflation that are closely watched by the Bank of Canada rose to 4.73 per cent in May compared with 4.43 per cent in April. In May, Statistics Canada said the price for food bought at stores rose 9.7 per cent compared with a year ago, matching the April increase, as the cost of nearly everything in the grocery cart went higher. The May reading came as energy prices rose 34.8 per cent compared with a year ago with gasoline prices up 48.0 per cent compared with a year ago.

OTTAWA - Soaring gas prices helped the annual inflation rate in May soar to its highest level in nearly 40 years, as the rising cost of living for Canadians ...

Excluding gasoline, the annual inflation rate in May rose to 6.3 per cent compared with 5.8 per cent in April. The cost of services in May also rose 5.2 per cent compared with a year ago, up from a gain of 4.6 per cent in April, as Canadians travelled and ate in restaurants more often. That's up almost a percentage point from April's 6.8 per cent gain. The average of the three core measures of inflation that are closely watched by the Bank of Canada rose to 4.73 per cent in May compared with 4.43 per cent in April. In May, Statistics Canada said the price for food bought at stores rose 9.7 per cent compared with a year ago, matching the April increase, as the cost of nearly everything in the grocery cart went higher. The May reading came as energy prices rose 34.8 per cent compared with a year ago with gasoline prices up 48.0 per cent compared with a year ago.

Canadian consumer prices increased in May at rates not seen since January 1983, ahead of analyst forecasts, driven by pricey gasoline, official data showed ...

CPI median and trim, at 4.9% and 5.4% respectively, were the highest on record. Excluding gasoline, the annual rate rose 6.3% up from 5.8% in April, Statscan said. "We will not rest easy until we get (inflation) back down to target... It's keeping us up at night," the Bank of Canada's Senior Deputy Governor Carolyn Rogers said in Toronto in reaction to the figures. The Bank of Canada raised interest rates to 1.5% from 1.0% this month, its second consecutive half percentage point increase, and said it was ready to act "more forcefully" if needed. Register now for FREE unlimited access to Reuters.com

Soaring gas prices helped the annual inflation rate in May soar to its highest level in nearly 40 years, as the rising cost of living for Canadians squeezed ...

Excluding gasoline, the annual inflation rate in May rose to 6.3 per cent compared with 5.8 per cent in April. With the world opening up, there’s been a renewed interest in travelling and working in different countries as a digital nomad. However, one economist says officials could have rolled out new policies that would have a greater and more immediate an impact on families. So how much money do you need to make it work abroad? Here are some ways to save. That's up almost a percentage point from April's 6.8 per cent gain. The cost of services in May also rose 5.2 per cent compared with a year ago, up from a gain of 4.6 per cent in April, as Canadians travelled and ate in restaurants more often. The average of the three core measures of inflation that are closely watched by the Bank of Canada rose to 4.73 per cent in May compared with 4.43 per cent in April. Prices for traveller accommodation gained 40.2 per cent compared with a year ago, while the price of food purchased from restaurants gained 6.8 per cent. In May, Statistics Canada said the price for food bought at stores rose 9.7 per cent compared with a year ago, matching the April increase, as the cost of nearly everything in the grocery cart went higher. The May reading came as energy prices rose 34.8 per cent compared with a year ago with gasoline prices up 48.0 per cent compared with a year ago. Soaring gas prices helped the annual inflation rate in May soar to its highest level in nearly 40 years, as the rising cost of living for Canadians squeezed household budgets and bolstered expectations the Bank of Canada will opt for a supersized interest rate hike next month.