Province’s annual inflation rate hit 2.6% in June, says StatCan
The annual rate of inflation ticked up by 0.1 percentage points between May and June to land at 2.6 per cent, according to data released Tuesday by Statistics Canada.
The latest numbers will likely bend the Bank of Canada towards cutting its overnight rate to 4.5 per cent in late July, according to economist Benjamin Reitzes, BMO’s managing director of Canadian rates. Grocery prices rose 2.1 per cent year-over-year in June, up from May when they increased 1.5 per cent from the same month a year earlier.Fresh vegetables saw a 3.8 per cent gain and dairy product prices grew two per cent. The price of preserved fruit and fruit preparations grew 9.5 per cent, while non-alcoholic beverage costs rose 5.6 per cent.
Despite describing the latest figures as a "mixed bag," TD senior economist James Orlando echoed Reitzes’sentiments about what it means for the Bank of Canada.
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