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MNI BRIEF: Canada April CPI Is Faster-Than-Expected 6.8%

(MNI) Ottawa

Canada's April inflation rate was faster than expected at 6.8% on gasoline and housing, putting more pressure on the central bank for another big rate increase on June 1 following its 50bp hike last month.

The consumer price index quickened from March's 6.7% pace, which some economists predicted would be repeated today in a sign inflation was peaking. Statistics Canada said Wednesday inflation quickened on a 36% rise in gasoline and a 13% rise in a measure of housing costs. Automobile prices were also factor with a 7.5% rise, and the agency said it will add a new index for used cars in the next release. That move is a nod to U.S. evidence that a global shortage of microchips for new cars during the pandemic has pushed Canada's true inflation rate even higher. 

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Canada's April inflation rate was faster than expected at 6.8% on gasoline and housing, putting more pressure on the central bank for another big rate increase on June 1 following its 50bp hike last month.

The consumer price index quickened from March's 6.7% pace, which some economists predicted would be repeated today in a sign inflation was peaking. Statistics Canada said Wednesday inflation quickened on a 36% rise in gasoline and a 13% rise in a measure of housing costs. Automobile prices were also factor with a 7.5% rise, and the agency said it will add a new index for used cars in the next release. That move is a nod to U.S. evidence that a global shortage of microchips for new cars during the pandemic has pushed Canada's true inflation rate even higher. 

Keep reading...Show less