Canada's inflation rate decelerated to 3.4 per cent in the year up to May, Statistics Canada says, led by sharply lower gasoline prices.
Lower gasoline prices were a major factor in the deceleration of Canada's inflation rate last month.
Gasoline prices being down, on average, by more than 18 per cent compared to the record highs they were hitting this time last year was enough to drag down the overall inflation rate just by itself. Grocery prices went up at an almost nine per cent pace. That's barely lower than the 9.1 per cent pace clocked in April, and still almost three times the inflation rate.
The mortgage interest cost index rose 29.9 per cent. That's the fastest pace on record, and it's happening because variable-rate mortgage holders are seeing their rates go up, and fixed-rate loans are having to renew and lock in at much higher rates than they were paying before.
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