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25.06.2024

Canada’s annual inflation unexpectedly accelerates to 2.9 per cent in May

Statistics Canada reported on Tuesday the country’s consumer price index (CPI) climbed 0.6 per cent m-o-m in May, following an unrevised 0.5 per cent m-o-m increase in the previous month.

On a y-o-y basis, Canada’s inflation rate demonstrated a 2.9 per cent surge last month, accelerating from an unrevised 2.7 per cent in April.

Economists had expected that inflation would rise by 0.3 per cent m-o-m and 2.6 per cent y-o-y in May.

According to the report, the May acceleration in the headline CPI was mainly due to a quicker price growth for services (+4.6 per cent y-o-y compared to +4.2% y-o-y in April). Meanwhile, prices for goods (+1.0 per cent y-o-y) grew at the same pace as in the previous month.

Meanwhile, the trimmed-mean CPI – the preferred measure of core inflation of the Bank of Canada - jumped 2.9 per cent y-o-y in May,  following a downwardly revised 2.8 per cent y-o-y soar (from +32.9 per cent y-o-y) in April. This was the weakest annual gain since July 2021 (+3.1 per cent y-o-y). Economists had forecast an advance of 2.8 per cent y-o-y.

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