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Bank of Montreal
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Close 2021-07-28 C$ 125.51
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Globe says BMO, rivals hear inflation rate dips to 3.1%

2021-07-29 07:37 ET - In the News

Also In the News (C-BNS) Bank of Nova Scotia
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The Globe and Mail reports in its Thursday edition that Canada's inflation rate has slowed from its highest point of the past decade, but the country is still seeing hefty price increases for shelter and vehicles as it emerges from COVID-19 lockdowns. The Globe's Matt Lundy writes that the Consumer Price Index rose 3.1 per cent in June from a year earlier, down from 3.6 per cent in May, Statistics Canada said Wednesday. The year-over-year comparison was dulled by a price surge as Canada reopened in June, 2020. On a monthly basis, the CPI jumped 0.3 per cent. The BOC's core measures of inflation rose by an average of 2.2 per cent, matching the annual gain in May. While June brought a slowdown in the overall CPI, it is unlikely to quell a vigorous debate over the course of inflation, and the extent to which strong price gains prove temporary. On multiple fronts, prices remain under pressure. Supply-chain troubles are resulting in shortages of vehicles, appliances and building materials. Canadians have billions parked away in deposit accounts, ready to spend as health restrictions ease. Companies say they are planning to offset higher input costs by raising prices at the highest rates in years.

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