Canada’s Inflation Rate rose to 1.9% in June
Living in Canada is getting a bit more expensive… again.
Today, Statistics Canada released June’s inflation report, and here’s the simple version of what’s going on:
What’s Happening:
Inflation rose to 1.9% in June (up from 1.7% in May).
Economists expected this rise, but it still means higher costs for Canadians.
What’s Causing It?
Cars, clothing, and furniture saw price increases.
Gas prices are cheaper than last year but aren’t falling as fast as before.
Grocery prices are still climbing, up 2.8% compared to last year (though that’s slower than May’s 3.3%).
Core inflation (what the Bank of Canada focuses on) is stuck around 3%, which is considered too high.
📍 Provincial Inflation Rates:
Here’s how inflation looked across Canada in June (previous month in brackets), sorted from highest to lowest:
Quebec: 2.2% (1.7%)
Manitoba: 2.2% (1.9%)
British Columbia: 2.1% (2.3%)
Ontario: 1.8% (1.7%)
Saskatchewan: 1.7% (1.6%)
Alberta: 1.7% (1.7%)
Nova Scotia: 1.6% (1.3%)
Newfoundland & Labrador: 1.2% (0.5%)
New Brunswick: 1.2% (0.9%)
Prince Edward Island: 0.8% (0.7%)
No matter where you live, prices are creeping up. Some provinces, like Quebec and Manitoba, are seeing bigger jumps than others.
With inflation still above ideal levels, experts say a Bank of Canada rate cut is unlikely this month.
That means interest rates are likely to stay high for now. Loans, mortgages, and credit cards will remain expensive until inflation cools down.
📩 Final Thoughts
If your money feels like it’s not going as far as it used to, you’re not imagining things. This inflation report confirms that prices are still rising across Canada.
Focus on saving where you can, avoid taking on new debt if possible, and keep your budget tight while rates stay high.
The next big moment to watch is July 30th, when the Bank of Canada announces its next interest rate decision and releases its latest Monetary Policy Report.
I’ll keep you updated when that drops.
Until then, keep your money moves simple and intentional.
Talk soon,
Finance Femster
Making financial literacy accessible — and helping Canadians make smarter, stress-free money decisions