Experts broadly expect the latest figures to surpass eight per cent, buoyed in large part due to the record-high gas prices for the month.
Statistics Canada’s upcoming inflation data for June is likely not going to show any relief for Canadians.hit a nearly 40-year high
The Bank of Canada’s Monetary Policy Report for July, issued last week, predicts inflation to hover around eight per cent for the middle quarters of 2022, before easing to about three per cent by the end of 2023. In May, overall inflation was bolstered by fuel prices, which rose 12 per cent just compared with the previous month. Grocery prices also increased faster, at an annual rate of 9.7 per cent, than the average inflation rate.
“They can raise rates and that will have an impact, but it’s not the magic wand that will protect us from all inflation,” he said, suggesting that foreign events like the Ukraine war “could still lead to some continued inflation in energy prices.” To prevent a recession, Macdonald said the government needs to be more involved in taming prices in particular sectors. As an example, he suggested that the federal Competition Bureau could help exert power in industries where there isn’t a lot of competition.
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