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's new in 2023 CPI?

With the release of the May 2023 CPI, a new data source is now used for the calculation of the homeowners’ home and mortgage insurance and passenger vehicle insurance premium indexes. These indexes represent 1.31% and 2.16% of the 2022 CPI basket and are part of the shelter and transportation components, respectively.

When is the Canadian Consumer Price Index (CPI) released?

CPI data are published at various levels of geography including Canada, the ten provinces, Whitehorse, Yellowknife and Iqaluit, and select cities. The Consumer Price Index (CPI) for June will be released on July 18. Do you have questions about the CPI, Canadian inflation or what the new CPI basket means for measuring consumer prices?

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.