What happened to Canada's inflation rate in June 2023?

Updated on July 18, 2023: Canada's inflation rate was 2.8% in June 2023, a sizable decline from the 3.4% annual inflation rate seen in May 2023. The headline inflation rate is at its lowest level since March 2021. This decline is primarily due to reduced gas prices (gas prices declined by 22% compared with last June).

What is Saskatchewan's inflation rate in 2023?

For January 2023, Saskatchewan 's inflation rate was 6.02 %. This was led by transportation with an inflation rate of 10.68 %. Out of all provinces/regions, Saskatchewan is ranked number 4 in terms of highest provincial/regional inflation rates in Canada.

What is Canada's inflation rate in 2022?

For June 2022, the annual inflation rate for goods was 11.2%, while the same 12-month period saw an annual inflation rate for services at just 5.2%. Prices used in Canada’s Consumer Price Index are collected across the country. Regional differences in prices can occur, but in aggregate, they provide a national picture of inflation.

Why did the CPI rise in April 2023?

This was the first acceleration in headline consumer inflation since June 2022. On a year-over-year basis, higher rent prices and mortgage interest costs contributed the most to the all-items CPI increase in April 2023. On a monthly basis, the CPI was up 0.7% in April, following a 0.5% gain in March.