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Canada's annual inflation rate surges to a 29-month high of 3.2% in May
Gasoline prices rose 33.2% year over year, pushing transportation and grocery costs higher even as shelter inflation eased, Statistics Canada said.
- Statistics Canada reported the annual inflation rate jumped to 3.2 per cent in May, exceeding economists' expectations and marking the first time inflation topped three per cent since 2023.
- Gasoline prices surged 33.2 per cent year-over-year last month, the highest pump prices since June 2022, as conflict in the Middle East continued to shutter the Strait of Hormuz to oil tankers.
- Grocery inflation accelerated to 4.3 per cent annually in May, with fresh vegetables up 5.5 per cent and tomato prices soaring 45.2 per cent due to reduced supply and United States tariffs on Mexican growers.
- The Bank of Canada faces mounting pressure to address persistent price growth, as this May inflation report serves as the final data set before the central bank's interest rate decision on July 15.
- Offsetting these pressures, shelter inflation edged down to 1.7 per cent year-over-year, while air transportation costs climbed 7.4 per cent and computer equipment, software, and supplies rose 3.9 per cent.
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Inflation Accelerates to 3.2 Percent in May, Above Bank of Canada’s Target
Canada’s inflation rate rose to 3.2 percent in May, with higher energy prices stemming from the war in Iran again driving the increase, according to Statistics Canada. The country’s Consumer Price Index (CPI), which was at 2.8 percent in April and 2.4 percent in March, is now higher than the Bank of Canada’s target range of between 1 percent and 3 percent. Statistics Canada said in its June 22 report that gasoline prices rose at a faster pace in…
·New York, United States
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Inflation in Quebec stood at 3.6% in May, up from 3% in April. In-store food prices rose 4.3%.
·Montreal, Canada
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Total News Sources33
Leaning Left17Leaning Right4Center5Last UpdatedBias Distribution66% Left
Bias Distribution
- 66% of the sources lean Left
66% Left
L 66%
C 19%
15%
Factuality
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