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- Canada’s annual inflation rate unexpectedly goes negative in May
Canada’s annual inflation rate unexpectedly goes negative in May
Statistics
Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.3
percent m-o-m in May, following a 0.7 percent m-o-m drop in the previous month.
On the y-o-y basis, Canada’s inflation rate decreased 0.4 percent last month after declining 0.2 percent m-o-m in April. That marked the biggest y-o-y decline in consumer prices since September 2009.
Economists had
predicted inflation would increase 0.7 percent m-o-m but be unchanged y-o-y in May.
According to
the report, prices fell in four of the eight major components on a y-o-y basis,
with transportation prices (-3.0 percent y-o-y) contributing the most to the
all-items decline. At the same time, food prices (+3.1 percent y-o-y) remained
high in May, recording the largest y-o-y gain among the major components.
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