These movements coincide with recent improvements in the economy and the labour market, as well as an increase in oil prices. Seven of eight major components rose year over year. The transportation index (+6.6%) was the largest contributor to the year-over-year increase, while the household operations, furnishings and equipment index (-0.1%) was the lone major component to decline.
Canadian CPI rose 2.5%
The Consumer Price Index (CPI) rose 2.5% on a year-over-year basis in June, following a 2.2% increase in May. This is the largest year-over-year increase in the CPI since February 2012. This month's year-over-year CPI increase follows a year of gradual acceleration in consumer price inflation, from a recent low of 1.0% year over year in June 2017. This trend reflects increases in prices for gasoline and food purchased from restaurants, as well as offsetting factors such as lower price inflation for electricity and telephone services.
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