Toronto/CMEDIA: Canada’s inflation rose to 1.9% in June due to the hike in vehicle price Statistics Canada said Tuesday.
The June price hike of up from 1.7 per cent in May was largely in line with economists’ expectations.
Gasoline prices were nearly unchanged in June, StatCan said, with motorists seeing a steeper monthly decline in prices this time last year.
The consumer carbon tax removal at the start of April cause the annual inflation of 2.7 per cent in June, excluding energy,
Food inflation was down to 2.9 percent in June, down from 3.4 per cent in May.
The lower costs for fresh vegetables, StatCan said, was the main cause of driving down inflation at the grocery store.
Shelter inflation dropped a tenth of a percentage point to 2.9 per cent year-over-year in June.
But price hikes for passenger vehicles accelerated to 4.1 per cent in June from 3.2 per cent the month previous, StatCan said as Used car prices increased annually for the first time in 18 months
Furniture prices also saw a hike faster in June
The Bank of Canada’s next interest rate decision would be revealed July 30.
