The latest figures from Statistics Canada indicate that the national inflation rate has reached a decade-high of 3.6% in May, owing to the accelerated growth of costs in shelter, energy, passenger vehicles, and consumer goods.
The reading slightly exceeded analysts’ expectations of an increase to 3.5%, and came amid the gradual reopening of most regions in Canada after several quarters of muted economic activity.
Shelter costs accounted for a significant chunk of the acceleration, posting a 4.2% increase. StatsCan said that this was the fastest pace since the height of the Great Financial Crisis in 2008.
Furniture and appliance costs rose by 4.4%. In particular, furniture prices surged by 9.8%, the fastest rate of growth for this segment since 1982, CBC News reported.
With pandemic mobility restrictions steadily easing, transportation costs registered a similarly strong increase at 7.6%. Traveller accommodation costs rose by 6.7%, the highest since the pandemic took hold in March last year.
Health and personal care costs were up by 3.1%, while the recreation, education, and reading segment saw a 1.8% increase in costs over the past year.
The Bank of Canada had previously said that it remains committed to its 2% inflation target, with a 1-3% control range. BoC officials have projected inflation to hover around 3% in the next quarter or so, before a likely easing in the latter months of 2021.
MBN
We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.
Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome and rewarded!
No comments:
Post a Comment