Canada’s Consumer Price Index (CPI) rose 3.2% year-on-year in May, according to figures released moments ago, compared to 2.8% in April. The core CPI, which excludes gasoline prices, rose 2.2% year-on-year, up from 2.0% in April.

On a monthly basis, the index rose 1.0% in May, following a 0.4% increase in April, while expectations were for a 0.7% rise.

The biggest contributor to inflation in May came from the energy sector, where gasoline prices surged 33.2% year-on-year, after a 28.6% increase in April, marking the third consecutive month of upward pressure. Travel costs rose 0.7%, and fresh fruit prices jumped 5.3%, following a 0.5% decline in April.