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Canada's annual inflation rate surges to a 29-month high of 3.2% in May
Gasoline prices rose 33.2% year over year, pushing transportation and grocery costs higher even as shelter inflation eased, Statistics Canada said.
- Statistics Canada reported the annual inflation rate jumped to 3.2 per cent in May, exceeding economists' expectations and marking the first time inflation topped three per cent since 2023.
- Gasoline prices surged 33.2 per cent year-over-year last month, the highest pump prices since June 2022, as conflict in the Middle East continued to shutter the Strait of Hormuz to oil tankers.
- Grocery inflation accelerated to 4.3 per cent annually in May, with fresh vegetables up 5.5 per cent and tomato prices soaring 45.2 per cent due to reduced supply and United States tariffs on Mexican growers.
- The Bank of Canada faces mounting pressure to address persistent price growth, as this May inflation report serves as the final data set before the central bank's interest rate decision on July 15.
- Offsetting these pressures, shelter inflation edged down to 1.7 per cent year-over-year, while air transportation costs climbed 7.4 per cent and computer equipment, software, and supplies rose 3.9 per cent.
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Canada’s Inflation Rate Climbs to 29-Month High In May
Canada's annual inflation rate accelerated to 3.2 per cent in May, reaching its highest level in nearly two and a half years and increasing pressure on policymakers ahead of the Bank of Canada's next interest rate decision. According to data released by Statistics Canada, consumer prices rose faster than economists had anticipated, marking the first time inflation has exceeded three per cent since 2023. The increase was driven largely by higher …
Coverage Details
Total News Sources57
Leaning Left26Leaning Right7Center7Last UpdatedBias Distribution65% Left
Bias Distribution
- 65% of the sources lean Left
65% Left
L 65%
C 18%
R 17%
Factuality
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