Independent Accountants' Investment Counsel Inc.

(source: Bloomberg, MSCI and ARG Inc. analysis)


What happened last week?

  • The two most significant economic events last week for Canadian investors was the announcements of U.S. inflation and Bank of Canada monetary policy.

  • Overall, prices in the U.S. have risen 9.1% since last year according to the Consumer Price Index (CPI).  The drivers of price increases continue to be food and energy as prices rose 1.3% in June.  The price of food rose 10.4% year-over-year with restaurant and at-home meals rising 7.7% and 12.2%, respectively.  The price of energy rose 41.6% with gasoline (59.9%), electricity (13.7%) and natural gas (38.4%) being eclipsed by the increase in fuel oil prices at 98.5%. (Source)

  • In response to domestic and international inflation, the Bank of Canada increased its interest rates by a full percentage point (100 basis-points).  This move followed the two previous interest rate meetings in April and June that each increased rates by 50 basis-points, and March’s announcement of a 25 basis-point increase. (Source)

What’s ahead for this week?

  • In Canada, consumer inflation numbers (June, year-over-year, overall and core) will be released on Wednesday.  Additionally, housing starts and new housing price index for June will be announced along with May’s retail sales.

  • In the U.S., the National Association of Home Builders will release its housing price index, and existing home sales, building permits and housing starts will accompany it.  Energy related indicators, like oil imports, gasoline inventories and production, and refinery utilization could gain more attention than usual when announced this week.

  • Globally, the Bank of Japan will announce its interest rate decision, and its CPI.  The United Kingdom and the Eurozone will also announce their CPIs, along with British and German Producer Price Indexes.  On Thursday morning (8:15 am Eastern) the European Central Bank will issue its interest rate decision.

For more information contact: [email protected] | Tel (519) 291-2817 | 135 Main Street, East | PO Box 68 | Listowel, ON N4W 3H2


This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc.  All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics.  No guarantee of outcome is implied, and opinions may change without notice.  Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein.  Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

Please contact your IAIC representative if you have any questions regarding this report. 


©Copyright 2022 Independent Accountants’ Investment Counsel Inc. All rights reserved.


Blog Contributor Portrait
IAIC Admin
June 26, 2023
show IAIC's posts
Blog Contributor Portrait
Christine Murray
June 13, 2022
show Christine's posts
Blog Contributor Portrait
Karin McNabb
April 21, 2022
show Karin's posts

Latest Posts

Show All Recent Posts



Everything Weekly Market Update IAIC Outlook IAIC In Focus