Glacier FarmMedia COVID-19 & the Farm

Global Markets: Canada’s inflation rate 3.1 per cent in June

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada announced on Wednesday that the annual rate of inflation was 3.1 per cent in June, lower than the 3.6 per cent recorded in May. Excluding gasoline prices, which increased 32 per cent year-to-year in June, the rate of inflation would have been 2.2 per cent. Statistics Canada also cited a slowdown in price growth for goods as a reason for the decline.

– The United States Centers for Disease Control and Prevention (CDC) announced on Tuesday they are recommending that fully vaccinated Americans should wear masks in indoor public places in regions where the COVID-19 Delta variant is spreading. The CDC also recommended all teachers and students from Kindergarten to Grade 12 wear masks in schools regardless of vaccination status. COVID-19 infections are increasing in the U.S., especially among the unvaccinated, accounting for one out of nine new cases worldwide each day.

– Canadian online retail platform Shopify announced it has surpassed US$1 billion in revenues for the first time on Wednesday. It recorded total sales of US$1.12 billion in the second quarter of the fiscal year, up 57 per cent year-over-year. The company also recorded a net profit of US$879.1 million.

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