Inflation in Canada highest in decades

Must read

REVIEW: No Comfort for the Dead by R.P. O’Donnell

JayneBook Reviews / C- Reviews1980s / Dark / Ireland / librarian / murder mystery / Small-TownNo CommentsAfter witnessing a murder, a small-town librarian is...

Webull brokerage launching Kalshi prediction contracts on platform

The partnership reflects a broader push by Kalshi to integrate its event contracts into brokerage platforms. 165 Total views 1...

US states lead in strategic Bitcoin reserve creation — Will Trump deliver on his BTC promise?

Nearly a third of US states are venturing into a financial frontier once considered to be completely unthinkable: creating a strategic Bitcoin reserve. While US...

Hive Digital clocks $29.2M in Q3 revenue as Bitcoin hodl position surges

Data center infrastructure provider Hive Digital reported earnings and revenue growth for the final quarter of 2024, driven by record Bitcoin reserves and an...

Canada joined the US and the UK in seeing its year-on-year inflation hit 40-year highs in June.

The Consumer Prices Index reached 8.1% year-over-year in June, following a 7.7% gain in May, Statistics Canada reported on Wednesday, adding that the increase was the largest yearly change since January 1983. 

The acceleration in June was mainly due to higher prices for gasoline, which rose a whopping 54.6% on a year-over-year basis, the statistics agency explained. 

Hourly wages failed to catch up with inflation, rising by only 5.2% compared to the same period last year, Statistics Canada added.

Although at a nearly 40-year high, June’s inflation rate in Canada is still lower than the levels seen in the US (9.1%, the largest increase since 1981) and in the UK (9.4%, the highest increase since 1982).

Inflation has been rising across the developed nations amid the worsening energy crunch caused by tight crude oil and natural gas supply which, in turn, has been exacerbated by international sanctions against Russia, a major fossil fuel exporter.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

REVIEW: No Comfort for the Dead by R.P. O’Donnell

JayneBook Reviews / C- Reviews1980s / Dark / Ireland / librarian / murder mystery / Small-TownNo CommentsAfter witnessing a murder, a small-town librarian is...

Webull brokerage launching Kalshi prediction contracts on platform

The partnership reflects a broader push by Kalshi to integrate its event contracts into brokerage platforms. 165 Total views 1...

US states lead in strategic Bitcoin reserve creation — Will Trump deliver on his BTC promise?

Nearly a third of US states are venturing into a financial frontier once considered to be completely unthinkable: creating a strategic Bitcoin reserve. While US...

Hive Digital clocks $29.2M in Q3 revenue as Bitcoin hodl position surges

Data center infrastructure provider Hive Digital reported earnings and revenue growth for the final quarter of 2024, driven by record Bitcoin reserves and an...

Bitcoin price sells off after hot CPI print, but $100K remains in sight

Bitcoin (BTC) fell 1.8% on Feb. 12 after US inflation data came in higher than expected, pushing the cryptocurrency to its lowest level in...