Statistics Canada released its latest report Friday and it looks like our pocket books are getting pinched big time in Canada.
Canada’s annual inflation rate rose to 2.5 per cent in June as consumer prices grew at their fastest pace in over six years.
The federal agency’s latest inflation number spiked from things like higher energy prices, higher grocery bills, increased mortgage interest costs, pricier airline tickets and the cost to eat out. On the up side, some things have gotten cheaper like telephone services, travel tours and digital equipment and devices but the costs are still overall on the up.
The June pace lifted inflation to its highest point since February 2012 when it was 2.6 per cent.
The central bank, however, has been expecting inflation to rise and the Bank of Canada can use interest rate hikes as a tool to help prevent inflation from climbing too high (translation: more interest rate hikes likely).
For more information, visit the Statistics Canada website: StatisticsCanada
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