Statistics Canada says Canada’s inflation rate tumbled to 2.8 per cent in June, putting it within the Bank of Canada’s target range for the first time in more than two years. Statistics Canada’s consumer price index report Tuesday says the deceleration was broad-based, though lower gasoline prices compared with last year led the slowdown. But…
Canada’s Inflation Rate Tumbles to 2.8% in June Even as Grocery Prices Remain High
Inflation Hits Lowest Level Since August 2021, but BoC Not Expected to Back Off Yet
The Bank of Canada is expected to keep interest rates elevated for some time even as the country’s annual inflation rate falls rapidly. Inflation in Canada dropped to 4.3 percent in March, Statistics Canada said in its latest consumer price index report released Tuesday. The headline rate eased from 5.2 percent in February as higher…
What’s Going on With Mortgage Rates in 2023?
With the 2022 mortgage rate peaking at 7.12 percent and inflation at 6.5 percent by the end of December 2022, it was a tumultuous economic year. The hot housing market slowed down in many markets primarily due to high mortgage rates. But what will 2023 bring for mortgage rates? Is there relief on the way?…
Inflation, Price Rise Could Dent India’s Gold Demand in July—Dec
India’s gold demand in the first half of 2022 jumped 42 percent from a year ago but consumption in the second half could be lower than last year as higher inflation erodes disposable income, the World Gold Council (WGC) said on Thursday. Lower purchases by the world’s second-biggest gold consumer could weigh on prices, which…
Canadians Avoiding Major Purchases Amid Rising Inflation: Survey
Runaway inflation and lack of trust in the Bank of Canada mean a majority of Canadians are reluctant to make major purchases, a new Angus Reid Institute poll finds. June’s inflation rate was at 8 percent—the highest since January 1983. The online survey of 1,606 adults, conducted between July 18 and 20, found that 75…
Canadians Struggle to Buy Groceries Due to Highest Inflation in 39 Years, Study Shows
More than half of Canadians are struggling to pay for household grocery bills as the country faces a 7.7 percent inflation rate, the highest in 39 years, a new Angus Reid Institute (ARI) study shows. Out of more than 5,000 adult Canadians surveyed, 45 percent said they are worse off now than they were at…
BC’s Minimum Wage Increase Will Lead to Labour Cuts, Higher Prices, Small Businesses Warn
VANCOUVER—As labour groups praise the B.C. government for pushing the minimum wage up from $15.20 to $15.65 an hour, small businesses say the move will lead to unintended consequences, including cuts to their workforce and further price jumps for consumers amid rising inflation. “It’s been very difficult especially in an environment where the margins are…
Annual Inflation Rate Hit 5.7% in February Amid Broad-Based Price Increases
Statistics Canada says the annual inflation rate climbed to 5.7 percent in February, its highest level since August 1991 and the second straight month over 5 percent. Helping to drive the increase in February were higher gasoline prices that were up 32.3 percent compared with February 2021 and 6.9 percent from a month earlier. Statistics…
Annual Wages Growth in Australia Reaches 2.3 Percent, Still Below Inflation
The tightening labour market in Australia has put upward pressure on wages, but is still behind the current inflation rate. Australian Bureau of Statistics (ABS) has revealed that wages grew 2.3 percent over the past year after it accelerated to 0.7 percent in the December 2021 quarter. Both public and private sector wages picked up…
US Consumers Views on Long-Term Inflation Eased in January, According to NY Fed Survey
February 16, 2022
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The New York Federal Reserve said on Feb. 14 that American consumer fears of rapidly rising inflation rates in the long term seem to have eased, according to its monthly survey of consumer expectations. Those surveyed hold short-term and medium-term expectations for inflation above pre-pandemic levels. Consumers said they expect the cost of food, rent,…
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