Canada's Inflation Climbs in June

According to Statistics Canada's latest report, the Consumer Price Index (CPI) experienced a 1.9% increase in June compared to the same period last year. This marks a slight uptick from the 1.7% recorded in May and April, aligning with what analysts had anticipated.

Key Drivers Behind the Increase

The inflation rise was primarily fueled by higher service prices, which saw a 3% year-on-year growth. Following closely were the prices of food and shelter, up by 2.9%, and durable goods, which increased by 2.7%.

Monthly CPI Movements

On a monthly basis, the CPI saw a modest 0.1% rise in June. When adjusted for seasonal variations, the increase was slightly higher at 0.2%.