Canada's CPI rises 1.9 pct in June
Headline inflation grew at a faster pace, as gasoline prices fell to a lesser extent in June than in May, said the national statistical agency, adding that faster price growth for some durable goods, such as passenger vehicles and furniture, put upward pressure on the CPI in June.
The CPI excluding energy remained higher than the CPI in June, partly due to the removal of consumer carbon pricing in April, said the agency.
On a monthly basis, the CPI rose 0.1 percent in June, said Statistics Canada.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
U.S. stocks close higher after Trump denies plans to fire Fed chair
NEW YORK, July 16 (Xinhua) -- U.S. stocks ended higher on Wednesday after U.S. President Donald Trump tempered speculation about potential changes at the Federal Reserve. The Dow Jones Industrial Average rose 231.49 points, or 0.53 percent, to 44,254.78. The S&P 500 gained 19.94 points, or 0.32 percent, to 6,263.70, while the Nasdaq Composite added 52.69 points, or 0.25 percent, to close at 20,730.49. Eight of the 11 primary S&P 500 sectors advanced. Health care led the gains, up 1.22 percent, followed by real estate, which added 1.07 percent. On the other end, energy and communication services were the biggest laggards, falling 0.84 percent and 0.15 percent, respectively. Markets briefly slipped earlier in the session following a Bloomberg report citing a White House official saying Trump was considering firing Federal Reserve Chair Jerome Powell. However, in later comments from the Oval Office, Trump stated he was "not planning" to dismiss Powell, despite continuing criticism of the Fed for not cutting rates more aggressively. "No, we're not planning on doing anything," he told reporters, but added, "We're very concerned." Adding to investor sentiment was a cooler-than-expected inflation report. The U.S. producer price index (PPI) for June came in flat on a monthly basis and increased 2.3 percent from a year earlier, both below economists' forecasts. On the earnings front, results were mixed among major financial firms. Bank of America dipped 0.26 percent after it posted mixed results for the second quarter, beating estimates on earnings and missing on revenue. Morgan Stanley declined 1.27 percent following its second-quarter results, while Goldman Sachs rose 0.9 percent as its trading operations generated 840 million U.S. dollars more in revenue than analysts had expected. "The economy and markets are generally responding positively to the evolving policy environment," Goldman Chief Executive Officer David Solomon said. "But as developments rarely unfold in a straight line, we remain very focused on risk management." Johnson & Johnson surged 6.19 percent after posting better-than-expected earnings and raising its full-year guidance, making it the top performer on the Dow. "During our first-quarter conference call, we anticipated an impact from tariffs in 2025 to be approximately 400 million U.S. dollars based on the current tariff landscape," said Johnson & Johnson Chief Financial Officer Joe Wolk, according to a FactSet transcript. "We now anticipate the impact to be approximately 200 million dollars exclusively related to our MedTech business." Major technology stocks saw mixed action. Tesla rose 3.5 percent, continuing its recent streak of volatility. Nvidia, Apple and Alphabet posted small gains. Amazon fell 1.4 percent, while Meta Platforms dropped about 1 percent. Microsoft and Broadcom were little changed.
The Star
an hour ago
- The Star
Income gap reaches record high in Canada: statistical agency
OTTAWA, July 16 (Xinhua) -- The gap between Canada's highest- and lowest-income households reached a record high in the first quarter of 2025, Statistics Canada said Wednesday. The difference in the share of disposable income between households in the top 40 percent of the income distribution and the bottom 40 percent rose to 49 percentage points, said the national statistical agency. According to the agency, the income gap increased each year following the onset of the COVID-19 pandemic. A low of 43.8 percentage points was recorded in the first quarter of 2021. The highest income households gained from investments, while the lowest income households' wages declined, said the agency. Lower income households also tend to be more susceptible to job loss during economic downturns. Amid economic uncertainty, labor market conditions have recently weakened. The employment rate has been on a declining trend since early 2023, said Statistics Canada.
The Star
6 hours ago
- The Star
Egypt, China sign deal for flagship industrial zone expansion
CAIRO, July 16 (Xinhua) -- Egypt and China signed on Wednesday a deal for the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, with Chinese developer TEDA set to invest 100 million U.S. dollars in infrastructure to develop an additional 2.86 square kilometers at the Suez Canal Economic Zone (SCZone). The deal was signed between the SCZone, the Main Development Company (MDC), and TEDA Egypt in a ceremony attended by Egyptian Prime Minister Mostafa Madbouly, the Egyptian cabinet said in a statement. The expansion comes as TEDA nears completion of its previously allocated 7.34 square kilometers in Ain Sokhna area at the SCZone, bringing the total area of its industrial zone to more than 10 square kilometers, according to the statement. The 100-million-U.S.-dollar infrastructure investment is expected to help attract more diverse industrial investments and support the SCZone's goal of building integrated and sustainable industrial communities. Madbouly stressed "the importance of this cooperation in accelerating industrial development within the SCZone, whose capabilities qualify it to become one of the most important manufacturing and logistics hubs in the region." He said Egypt is working to strengthen partnerships with local and foreign private sectors to drive development and create jobs, praising the SCZone's achievements that have fueled developers' desire for further expansion. Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone's most prominent industrial hubs, having attracted 185 companies and over 3 billion U.S. dollars in cumulative investment. SCZone chairman Waleid Gamal Eldien said that the TEDA expansion "represents a new platform for localizing targeted industries within the zone and contributes to attracting more Chinese companies seeking access to regional and global markets." He noted that the SCZone has attracted Chinese investments exceeding 4 billion U.S. dollars over the past three years, adding that "the mutual trust between both sides and their shared goals pave the way to double this figure in the coming period." Cao Hui, executive director of Egypt-TEDA SEZone Development Company, told Xinhua that TEDA is committed to high-quality development in line with the Belt and Road Initiative and continues to advance the strategic upgrading of the TEDA zone. TEDA plans to fully develop the expanded area within 2 to 3 years, focusing on attracting high-end manufacturing enterprises, including those in new energy, new materials, automobiles and spare parts, and fine chemicals, Cao added.
