ICYMI: Canada's inflation rate spikes to near 40-year high, calls for supersized rate hike mount — via financialpost Canada Economy Inflation
Canada’s annual inflation rate accelerated to 7.7 per cent in May, galloping past April’s 6.8 per cent and analyst forecasts of 7.4 per cent , data from Statistics Canada showed. Inflation has now been above the Bank of Canada’s 2 per cent target for 15 months.
“We’re really in persistent mode. And that’s what has central banks on high alert,” he added. “That’s why the Fed decided to move 75 basis points. And we think the Bank of Canada will be doing the same.” “It wasn’t just the 12 per cent rise in gasoline prices, which was well known, it’s the fact that every measure of core took a big step up from upwardly revised levels,” said Doug Porter, chief economist at BMO Capital Markets.
Energy prices rose 34.8 per cent on an annual basis, while grocery price gains matched April’s increase at 9.7 per cent and shelter cost inflation also matched April at 7.4 per cent. Prices for services rose more in May than in April, led by hotels and restaurants.
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