Inflation Sends Canadian Consumer Price Index Up Month-Over-Month and Year-Over-Year in June
Consumer Price Index, June 2022
Statistics Canada (StatsCan) reported on Wednesday (7-20-22) that the Consumer Price Index (CPI) continues to rise. Driven by inflation, it rose 8.1% year-over-year in June, following a 7.7% increase in May.
The June CPI increase was the largest year-over-year increase since January 1983. Higher gasoline prices fueled June’s upward push, but price increases remained broad-based with 7 of 8 major components increasing 3% or more.
Excluding gasoline, the CPI rose 6.5% year-over-year in June, following a 6.3% increase in May.
On a monthly basis, the CPI rose 0.7% in June, following a 1.4% increase in May. On a seasonally adjusted monthly basis, the CPI was up 0.6%.
On average, prices rose faster than hourly wages, which increased 5.2% in the 12 months to June, based on data from the Labor Force Survey.
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