Statistics Canada set to release June inflation rate, expected to hit 8%
Global News
Economists expect the consumer price index for June climbed to at least eight per cent as food and energy prices soared and the economy continued to reopen.
Statistics Canada will release its latest reading on inflation this morning and expectations are for it to climb even higher.
Economists expect the consumer price index for June climbed to at least eight per cent as food and energy prices soared and the economy continued to reopen.
In May, the rate of inflation reached a 39-year-high of 7.7 per cent.
As the cost of living has continued to rise, wages in Canada are lagging, rising 5.2 per cent in June on a year-over-year basis.
Last week, the Bank of Canada hiked its key interest rate by a full percentage point in an effort to slow skyrocketing inflation.
The rate hike was the largest single increase in more than 20 years.