This morning, StatCan_eng confirmed what we were all expecting (and experiencing) - the inflation rate hit 8.1% in June, the largest year-over-year change in the rate in nearly 40 years. inflation
The climb follows a 7.7% gainand marks the largest yearly change in inflation rate since January 1983 — nearly 40 years ago.
On average, prices rose faster than hourly wages, which increased 5.2% in the 12 months to June, based on data from StatsCan’s Labour Force Survey. The purchase of passenger vehicles index rose 8.2% on a year-over-year basis in June following a 6.8% increase in May. Demand for passenger vehicles continues to outpace supply in Canada, as a result of the ongoing semi-conductor shortage, which is putting upward pressure on prices, says StatCan.
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