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- Canadian inflation rose less than expected in May
Canadian inflation rose less than expected in May
Canadian inflation rose less than expected in May as natural gas prices grew at the fastest annual pace in nearly four and a half years while food costs slowed and gasoline prices shrank, showing no pressure for the central bank to hike rates.
The headline or all-items consumer price index rebounded 0.2% on a monthly basis after a decline of the same magnitude in April, lifting the year-on-year rate to 0.7% from a three-and-a-half year low of 0.4%, Statistics Canada said Friday.
The core rate, which excludes eight of the most volatile components, including some food and energy prices, rose 0.2% on a monthly basis from 0.1% previously, for an annual increase of 1.1%, the same rate as in April.
The consensus call was for the headline CPI to grow 0.9% from a a year ago and the core rate to rise 1.2%, according to a report from Royal Bank of Canada.
On a seasonally adjusted basis, the monthly headline CPI climbed 0.1% after declining 0.4% previously, and the core rate was flat.
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