The CPI in Canada recorded a growth of about 8.1% in June on an annual basis, according to figures released just moments ago, compared to 7.7% in the May reading, which came less than expectations that indicated a rise to 8.8%, recording the largest annual increase since January 1983.

In contrast, the core index rose Excluding gasoline prices to 6.5% on an annual basis from 6.3%. On a monthly basis, the index rose by 0.7% in June, after a growth of about 1.4% in May, which was less than the market expectations, which indicated a growth of 0.9%.

The annual inflation growth in December was supported by the rise in gasoline prices by about 54.6% on an annual basis in June, compared to a growth of 48% in May.

The Canadian dollar is trading at 1.2894 levels, down against the US dollar.