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Inflation jumps to its highest since 1983

Inflation continued to accelerate in May, reaching a level not seen since 1983. The high level of inflation continues to be mainly due to a handful of components: gasoline prices, food prices, homeowners’ costs, utilities costs and motor vehicle prices. Altogether, these five items are responsible for about 5.8 percentage points of the 7.7% inflation rate.

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The labour market tightens further

Economic insight provided by Alberta Central Chief Economist Charles St-Arnaud. This report includes regional details for Alberta. Bottom line Today’s Labour Force Survey data shows that job gains were remained…
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Insolvencies remain low but could be set to rise

Insolvencies remained low in April, as low interest rates and the continued economic recovery with sustained employment gains are holding them back. However, they could be bottoming out, with the rise in insolvencies so far this year slightly stronger than suggested by seasonal patterns.

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The Bank of Canada hikes 50bp and warns of more to come

As expected, the Bank of Canada increased its policy rate by 50bp to 1.00% and announced it would continue quantitative tightening. The key message in today’s decision is that the central bank stands ready to be more aggressive in its fight against inflation. Read more on our Insights blog!

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Consumers remain the main source of growth

Growth in the first quarter came in weaker than expected, as net exports were a drag on economic activity. However, the monthly GDP profile suggests robust momentum going into the second quarter.

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Inflation continues to rise and broaden

Inflation continued to accelerate in April, reaching a level not seen since 1983. The high level of inflation continues to be mainly due to a handful of components: gasoline prices, food prices, homeowners’ costs, utilities costs and motor vehicles prices.

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A slower pace of job gains

Today’s Labour Force Survey data shows that job gains were modest and below expectations after a rebound in employment following the Omicron wave. Nevertheless, the unemployment rate reached a new record low of 5.2%. These are the signs of a mature labour market where most of the post-pandemic adjustment has already happened.

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Strong economic momentum going into the rate hikes

Today’s release of the GDP for February shows that the hit to the economy from the Omicron wave was minor and short-lived. The data shows that the economy had significant momentum going into the second quarter of 2022, with growth estimated at 5.6% q-o-q ar. in the first quarter.

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