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Inflation in Canada in June reached the highest since 1983


July, 20 2022
watermark Economic news

According to Statistics Canada, inflation reached 8.1% in June. The last time such values were recorded was in 1983. In May, consumer prices in Canada increased by 7.7% year-on-year.


Among the main factors of inflation growth, analysts indicate a rise in fuel prices. Excluding the cost of fuel, consumer prices rose by 6.5% in June.


The agency's report notes that year-on-year consumers paid 54.6% more for fuel in June. In May, the increase in fuel prices was 48.0%. Analysts are confident that fuel prices have largely followed crude oil prices.


Prices for passenger vehicles also increased (by 8.2%), services rose by 5.2%, living expenses increased by 12.2%, and living expenses for traveling around the country increased by 49.7%.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.