Canada's inflation rate hits 2-year high on jump in energy prices

Written By Unknown on Jumat, 20 Juni 2014 | 21.48

Canada's consumer price index hit 2.3 per cent in May, the first time in more than two years that the inflation figure has been above two per cent.

Economists had been expecting the inflation rate to come in at two per cent, the same level in April. But an unexpectedly large jump in energy prices moved the rate higher.

The so-called "core" rate, which strips out volatile items like food as well as energy prices, increased from 1.4 per cent to 1.7, so there's a broad-based uptick in prices.

"The low inflation ship has sailed," BMO economist Doug Porter said of the numbers. "While both core and headline inflation have been pumped up by the early-year slide in the Canadian dollar, there is more than just food, fuel and the currency at play."

Statistics Canada singled out higher prices for meat, traveller accommodation and electricity. Consumers are paying 10 per cent more for beef than at the start of the year. Prices for fresh or frozen pork have risen by 12.2 per cent since the start of the year. Overall energy prices have increased 8.4 per cent since the same time last year.

All 12 components that the agency tracks were higher, and prices were also higher in every province. 

Ontario posted the largest increase at 2.8 per cent, while British Columbia recorded the smallest at 1.5 per cent.

But "higher energy prices were observed in every province," Statistics Canada said.

While the inflation rate is now on the high side of the Bank of Canada's comfort zone, Porter suspects the central bank will have some patience before changing interest rates, because the inflation rate was on the lower half of their preferred band, between one and three per cent, for so long before that.


Anda sedang membaca artikel tentang

Canada's inflation rate hits 2-year high on jump in energy prices

Dengan url

http://topstorinfo.blogspot.com/2014/06/canadas-inflation-rate-hits-2-year-high.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Canada's inflation rate hits 2-year high on jump in energy prices

namun jangan lupa untuk meletakkan link

Canada's inflation rate hits 2-year high on jump in energy prices

sebagai sumbernya

0 komentar:

Posting Komentar

techieblogger.com Techie Blogger Techie Blogger