Canadian inflation, as measured by the Consumer Price Index (CPI), rose by 2.4 per cent compared to the same time last year. Month-over-month, seasonally adjusted prices were up 0.3 per cent, the same gain as in the previous month. Gains were reported in all major components of the CPI, while food and transportation reported the largest increases. The Bank of Canada's three measures of trend inflation were also up in May, averaging 2 per cent.
In B.C., CPI increased by 2.6 per cent in May compared to a year ago, marking the second highest provincial gain behind Manitoba. The increase was broad-based with the highest year-over-year gains reported in transportation (4.7 per cent), gasoline (3.9 per cent) and food (3.4 per cent).
The recent acceleration in inflation could complicate the Bank of Canada's decision on interest rates given the broad-based nature of the rise. That being said, much of the recent gains have been driven by seasonal and volatile factors (e.g., inclement weather and traveller accommodations), which means we can expect the Bank to remain on the sidelines.
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