Inflation

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There was a major jump in Canada’s inflation rate in June as it rose to 3.1% from 2.2% in May. That’s the biggest one month spike since September of 2005 and Statistics Canada says gasoline prices were the main reason.

On average, pump prices in June were up 26.9% from the previous year. If gasoline prices were factorered out of the June inflation rate it would have been only 1.8%.

Every province recorded an increase in June except New Brunswick, which held steady at 2.1%, now the lowest rate in the country. B.C.’s rate went from 2.1% to 3% but three other provinces are now over 4%, including Prince Edward Island, which tops the new list at 4.7%. However, the biggest one month increase was in Ontario, which went up a full point to 2.8%.

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