economic commentary
September 30, 2023 - Inflation Bounces Higher, Breaking Trend
Inflation continues to dominate global financial markets as levels remain elevated. The con-sistent moderating trend that had been in place since inflation peaked in June of last year came to an end in North America as inflation moved higher during the quarter. Inflationary pressures remain persistent and core readings continue to be elevated. Inflation in Canada is now 4.0%, after hitting a low of 2.8% in June. Inflation in the U.S. is running at 3.7%, with core inflation higher, at 4.3%. Inflation in Europe continues to decline from the double-digit levels that both the U.K and the Eurozone experienced last year. Inflation is currently 5.2% in Europe and 6.7% in the U.K. The strong upward movement in oil prices during the quarter also contributed to inflationary fears. The price of WTI crude oil ended the quarter at USD90.79, an increase of over USD20 during the quarter.
