Sunday , May 31 2020
Home | Business | Canadian Inflation Rate Increases

Canadian Inflation Rate Increases

As of June, Canada’s annual inflation rate ticked up as the price of food, in particular, meat, and housing climbed, which was offset in part by lower gasoline prices. Statistics Canada announced on Friday that the consumer price index rose by 1.0 per cent in June compared with a year ago.

Much of the rise in inflation could be attributed to the drop in the Canadian dollar, as suspected by the Bank of Montreal senior economist Benjamin Reitzes. Since the start of the year, the Canadian dollar has fallen about 10 per cent against the American dollar which has raised the cost of importing goods from the country’s largest trading partner.

So how can you save some money this year? Well, maybe stop eating meat and maybe buying a house right now is not the best idea.

About Emily Hersey

Emily is an African Studies and History student who loves reading, the gym, hip hop and horses. If she's not working on her latest research project, she's definitely working towards her next trip to South Africa and doing her Master's degree there. Contact Emily: [email protected]