Gas prices fell 18.3% in May compared to the same month last year, when Russia's invasion of Ukraine and supply uncertainty led to a spike in energy prices From alicjawithaj
Inflation in Canada increased 3.4 per cent in May, according to Statistics Canada.
Gas prices fell 18.3 per cent in May compared to the same month last year, when Russia's invasion of Ukraine led to uncertainty about supply and a spike in energy prices. On a monthly basis, gas prices fell 0.8 per cent after a 6.3 per cent jump in April. "Accordingly, Bank of Canada policymakers won't [breathe] a huge sigh of relief after this report as core inflation remains sticky and has yet to show signs of a durable slowdown," BMO macro strategist Benjamin Reitzes wrote in a research note on Tuesday.
Excluding gasoline, CPI increased 4.4 per cent, also a slower pace than the 4.9 per cent jump in April."Overall, today's data don't change the fact that inflation is running hotter than the Bank's prior April forecasts," CIBC economists Andrew Grantham and Katherine Judge wrote in a research note.
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