AllPennyStocks.com Canadian Inflation Pops, U.S. Measure Holds Steady
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Canadian Inflation Pops, U.S. Measure Holds Steady

Canadian Inflation Pops, U.S. Measure Holds Steady By: Tomas Ronolski - AllPennyStocks.com News

Friday, June 28, 2024

Canada’s consumer price index picked up in May, rising 0.6 percent from April and 2.9 percent from a year ago, driven higher by services pricing.  The largest contributors to annual inflation were mortgage interest costs and rent. Mortgage interest costs jumped 23 percent, while rent increased 8.9 percent on a yearly basis.  

The higher prints broke a multi-month downward streak of pricing pressures and called into question future interest rate cuts by the Bank of Canada. 

Meanwhile, in the United States, the Fed’s preferred inflation measure, the personal consumption expenditures index, or PCE, increased 0.1 percent in May, as expected. The annual print rose 2.6 percent, representing a 0.2 percent drop from April. 

Headline inflation was flat for the month, while core (excluding food and energy) ticked up 0.1 percent. The PCE is the Fed’s preferred inflation measure and is closely monitored as the central bank determines the path of interest rates. 

 


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