{"id":35829,"date":"2023-06-27T17:10:10","date_gmt":"2023-06-27T17:10:10","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/06\/27\/rising-mortgage-interest-costs-now-biggest-factor-driving-inflation\/"},"modified":"2023-06-27T17:10:10","modified_gmt":"2023-06-27T17:10:10","slug":"rising-mortgage-interest-costs-now-biggest-factor-driving-inflation","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/06\/27\/rising-mortgage-interest-costs-now-biggest-factor-driving-inflation\/","title":{"rendered":"Rising mortgage interest costs now biggest factor driving inflation"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> Real Estate <\/li>\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Mortgages <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> Mortgage interest costs surged 29.9% in May from last year and economist says there&#8217;s &#8216;more upside to come&#8217; <\/p>\n<div class=\"article-meta\">\n<p> <span class=\"published-date__since\">Published Jun 27, 2023<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">2 minute read<\/span> <\/p>\n<\/p><\/div><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Homes in Toronto. Mortgage interest costs surged 29.9 per cent in May as compared to a year ago.<\/span> <span class=\"credit\">Photo by James MacDonald\/Bloomberg<\/span> <\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Inflation cooled on a month-over-month basis in May, but one factor that has been unrelenting in driving the consumer price index higher is mortgage interest costs \u2014 and the pressure is showing no signs of abating.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment8515004251434697070811755466194944\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8515004251434697070811755466194944\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" 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You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Mortgage interest costs surged 29.9 per cent in May as compared to a year ago, when they had fallen by 2.7 per cent. May now marks the eleventh consecutive month of rising mortgage interest expenses, the fifth consecutive month where year-over-year increases have exceeded 20 per cent and the third consecutive record increase.<\/p>\n<p>\u201c(The rise in) mortgage interest cost is unprecedented because rates haven\u2019t moved as quickly in a very long time,\u201d Benjamin Reitzes, managing director of Canadian rates and macro strategist at the Bank of Montreal, said.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment9722177359525244322922850863284224\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment9722177359525244322922850863284224\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Reitzes said the long-term averages of prices take time to stabilize, so he expect there is \u201cprobably is still more upside to come.\u201d<\/p>\n<p>\u201c\u2018Have we seen the top here at 29.9 per cent year over year?\u2019 We might be close,\u201d he said. \u201cThe big increases in rates started in June of last year, so you might get a little bit further increase over the next month or two but then after that, you\u2019ll likely see some slowing, but not a lot.\u201d<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"mortgage costs\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=288&sig=cr7VgsMcc9AbKCA-_4dIRQ,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-interest-costs.jpeg?quality=90&strip=all&w=576&sig=_PFllT6u2YW7RYfZ2PWS2Q 2x\" height=\"831\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<p data-async=\"\">For prospective homebuyers, the surge in mortgage interest costs mean larger monthly payments and reduced purchasing power. According to Reitzes, this situation has made it increasingly challenging for aspiring homeowners to enter the housing market or to upgrade their existing properties.<\/p>\n<p data-async=\"\">\u201cHigher (mortgage) rates are still likely for variable rate mortgages, and we\u2019ll see where the fixed rates end up,\u201d Reitzes said. \u201cBut given where inflation is and the Bank of Canada showing no signs of any willingness to back off at this point, expect mortgage rates to stay not far from current levels, which makes affordability challenging for sure.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment1182723761609707442813085836902400\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1182723761609707442813085836902400\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>May\u2019s inflation rate was a full percentage point below the surprise 4.4 per cent mark registered in April, a decline that has some economists predicting the Bank of Canada may now back off from raising interest rates further. But Reitzes is not so sure.<\/p>\n<p>\u201cEven excluding mortgage interest costs, inflation is still well above the Bank of Canada\u2019s target and is likely still quite uncomfortable for them and high enough to get them to likely push rates higher one more time in July,\u201d he said.<\/p>\n<p>In February, the central bank emphasized the importance of achieving the two per cent inflation target to restore the price stability that Canada has enjoyed over the past three decades.<\/p>\n<section aria-labelledby=\"moreTopicLabel6264362819346624657910928532045824\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"A home for sale in Toronto.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=192&strip=all&quality=80&sig=SZz4GI84ritvXqI4VVvEMA 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=288&strip=all&quality=80&sig=WhARONmlgiY46iD8Bz0swg 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Homeowners abandon variable-rate mortgages for fixed-rate alternatives <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"A person shops for produce at a market in Vancouver.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=192&strip=all&quality=80&sig=uo9j5QYxKQzhC0w6k03IoA 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=288&strip=all&quality=80&sig=AY5MJgf23SrdrshA-9S6HA 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Inflation slows to 3.4% in May <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Grocery prices increased at the more than double to pace of inflation in May.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=96&strip=all&quality=80&sig=pmJJApESRT6tAgOt_IbxlA,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=192&strip=all&quality=80&sig=05KXZI8hMNwAawJaTOKtZQ 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?h=288&strip=all&quality=80&sig=MvB6Kx09DwsSd8_xS2d8wQ 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> What economists are saying about the latest inflation numbers <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<p>On June 7, the bank implemented another 0.25 per cent increase in the overnight rate, which led to a policy interest rate of 4.75 per cent. The next 2023 interest rate announcement is scheduled for July 12.<\/p>\n<p data-async=\"\"><em>\u2022 Email: shcampbell@postmedia.com <\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div aria-label=\"Article Comments\" class=\"article-content__widget-group article-comment\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<details class=\"expansion-panel comments__section__list\">\n<summary class=\"expansion-panel__summary\">\n<h4 class=\"expansion-panel__summary-label\"> <span aria-hidden=\"true\" class=\"article-card__comment-icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" height=\"16\" viewbox=\"0 0 20 20\" width=\"16\"><path d=\"M19.99 2C19.99 0.9 19.1 0 18 0H2C0.9 0 0 0.9 0 2V14C0 15.1 0.9 16 2 16H16L20 20L19.99 2Z\" fill=\"#555555\"\/><\/svg><\/span> <span>Join the Conversation<\/span> <\/h4>\n<\/summary>\n<\/details>\n<\/section>\n<\/div><\/div>\n\n<br \/>Rising mortgage interest costs now biggest factor driving inflation<\/a><br \/>\n<br \/>2023-06-27 17:10:10<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Real Estate News Mortgages Economy Mortgage interest costs surged 29.9% in May from last year and economist says there&#8217;s &#8216;more upside to come&#8217; Published Jun 27, 2023&#8230;<\/p>\n","protected":false},"author":2,"featured_media":35830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/mortgage-costs-vw0627.jpg?quality=90&strip=all&w=288&h=216&sig=cScEhAKYRhmOgxB7b6FekA","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-35829","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/35829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=35829"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/35829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/35830"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=35829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=35829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=35829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}