The Consumer Price Index (CPI) rose 3.4% year over year in May in Canada after rising 4.4% in April.
Statistics Canada reports that the rise in the annual rate of inflation last month was the weakest in the country since June 2021.
The federal agency explains that the slowdown in growth was largely attributable to the 18.3% drop in gasoline prices in one year. As proof, excluding gasoline, the CPI rose 4.4% in May after rising 4.9% in April.
The mortgage interest cost index, which jumped 29.9%, remained the main contributor to the year-over-year increase in the CPI.
Statistics Canada observed that last month, grocery prices rose 9% year over year, representing an increase still more than double the rate of overall inflation. Grocery products with the largest year-over-year increases include edible fats and oils, up 20.3%, bakery products, up 15%, and grain products, up 13.6%. %.
From May 2022 to last month, the increase in the CPI was measured at 4% in Quebec, 2.3% in New Brunswick, 2% in Nova Scotia and 0.7% in PEI. of Prince Edward.
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