Canada’s Consumer Price Index (CPI) grew by 1.7% year-on-year in May, according to figures released just a few moments ago, matching April’s reading. The core CPI, which excludes gasoline prices, rose to 2.7% year-on-year, up from 2.9% in April.
On a monthly basis, the index rose by 0.6% in May after declining by 0.1% in March, exceeding market expectations of 0.5%.
This stability in inflation comes after gasoline led the decline in consumer energy prices, falling by 15.5% in May, following an 18.1% decline in April. Rental prices rose by 4.5%, compared to a 5.2% increase in April. Tourist prices fell by 0.2% in May, following a 6.7% increase in April, with air fares falling by 10.1%.