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Canada’s inflation rate came in at 1.7 per cent in May, the same as the month before, as a smaller increase in rent and a decline in travel tours weighed on the consumer price index, Statistics Canada said on Tuesday.
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Excluding energy, CPI growth was 2.7 per cent during the month. Gasoline prices led the decline in energy, which was down 15.5 per cent in May compared to a decline of 18.1 per cent in April. Cellular services fell by 5.5 per cent during the month, compared to 10.8 per cent in April.
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Measures of core inflation, which the Bank of Canada prefers to look at when making its monetary policy decisions, remained elevated at around three per cent in May.
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