It is this morning, at 8:30 a.m., that Statistics Canada will release the consumer price index (CPI) data for the month of May in the country.
L’CPI had increased by 6.8% in April compared to the same period in 2021, an increase unequaled in 30 years. Of note, the grocery basket jumped 9.7% in April compared to April 2021. Russia’s invasion of Ukraine at the end of February continued to influence energy, commodity and, especially, food pricessaid Statistics Canada.
Two financial institutions expect theCPI continues to grow. According to the National Bank, the sharp rise in gas prices and food prices could propel inflation to 7.3% in May.
For their part, the economists of the Bank of Montreal predict that theCPI will reach 7.4% in May.
If this forecast comes true, it will be the steepest rise in inflation since February 1983.
The Canadian Dairy Commission has announced a 2.5% increase in the price of milk paid at the farm beginning on 1er september. This is the second increase authorized this year: the price of milk paid at the farm jumped 8.5% in February.
Many Quebec tourists are returning to Maine this year, but they should expect a higher bill.
Finally, air ticket prices are set to increase over the next few months. In the United States, the average price of a domestic trip has exploded in six months, from 202 US dollars in October 2021 to 336 US dollars in May.
Source: Radio-Canada
