Canada’s highest inflation rate

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Last month (June), inflation rose to 8.1 percent from 7.7 percent in May, Canada’s highest inflation rate and the fastest annual cost increase in decades.

Canada’s highest inflation rate reached in the last 39 years

According to Statistics Canada, last month (June) the inflation rate reached 8.1% from 7.7% in May, and the highest inflation rate in Canada in the last 39 years was observed, which is the fastest annual increase in the cost of living in the last few decades in Canada. have been.
The agency emphasized that gasoline contributed the most to the increase in the overall inflation rate and had a 54.6% price increase compared to the same month last year.

Accordingly, other items (except gasoline) had 6.5% inflation.

According to economic experts, although inflation of 8.1 percent was the fastest annual increase since 1983. But even more inflation is predicted for the country and Bloomberg polls have shown an inflation forecast of 8.4 percent.

In this regard, Desjardins economist Royce Mendez said: the country’s current inflation is a little weaker than the rate predicted by the central bank, which tries to control price pressure, and this inflation rate is good news for them.

Doug Porter, chief economist of BMO Capital Markets, also said in this regard:

Although the rate of inflation is still lower than expected, the bad news is that it is still at the highest level in the last forty years. In June of this year, the price of gasoline has increased by 54.6% compared to June of last year and by 48.0% compared to the previous month.

According to the results of a survey, business owners and people are still waiting for more inflation
The price of gasoline in Montreal reached a record of more than 2.15 dollars per liter
In fact, all three core measures of inflation, which the Bank of Canada closely monitors, rose in June.

Last week, the central bank of Canada predicted that the overall inflation rate in the next few months will be around 8%.

Bank of Canada governor Tiff McCallum predicted on Wednesday that inflation is likely to remain “extremely high” until the end of 2022, even above 7 percent. But it also gave the possibility that it will decrease in July compared to June.

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