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Canadian Inflation Accelerates to 3.2% in May Driven by Higher Gasoline Prices.

Bloomberg ·
Canadian Inflation Accelerates to 3.2% in May Driven by Higher Gasoline Prices.
  • Canada's consumer price index (CPI) rose 3.2% year-over-year in May, exceeding the 3% expectation and the 2.8% rate recorded in April.
  • The acceleration was primarily driven by a spike in gasoline prices, although the breadth of overall price pressures showed signs of narrowing.
  • On a month-over-month basis, inflation increased by 1.0%, which was also higher than market expectations.

Quotes

“Spiking gasoline prices pushed Canadian inflation to the highest in over two years, while the breadth of price pressures narrowed and core measures were little changed.”— Erik Hertzberg

Sources