Canadian Consumer Price Index Climbed Higher in June
Consumer Price Index, June 2023
Statistics Canada (StatCan) reported on Tuesday (7-18-23) that the Canadian Consumer Price Index (CPI) increased 2.8% year-over-year in June, following a 3.4% increase in May. While deceleration was relatively broad-based, another base-year effect in gasoline prices led the slowdown. Excluding gasoline, headline inflation would have been 4.0% in June, following a 4.4% increase in May.
StatsCan is reporting that Canadians are continuing to see elevated grocery prices, up 9.1%, and mortgage interest costs, up 30.1%, in June, with these two indexes contributing the most to the headline increase in the CPI. The all-items excluding food index rose 1.7%, and the all-items excluding mortgage interest cost index increased 2.0%.
On a monthly basis, the CPI inched 0.1% higher in June, following a 0.4% gain in May. After contributing to the increase in May, travel tours put downward pressure on the monthly all-items index in June. On a seasonally adjusted monthly basis, the CPI also rose 0.1%.
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