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Canada’s inflation rate accelerated to 3.2 per cent in May, mainly driven by rising gasoline prices as the closure of the Strait of Hormuz continued to cause supply uncertainty for the third straight month.
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May’s reading was up from 2.8 per cent in April, which was also driven by higher gasoline prices.
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The last time headline inflation was this high was December 2023, when the Consumer Price Index increased by 3.4 per cent.
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According to Statistics Canada data, gasoline prices were up by 33.2 per cent year-over-year in May following a 28.6 per cent rise in April. These are the biggest increases since July 2022, officials said.
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Food inflation also accelerated in May, rising to 4.3 per cent year-over-year compared with 3.8 per cent in April, driven mainly by higher prices for fresh fruits and vegetables. May marked the 16th consecutive month grocery prices have outpaced headline inflation on a year-over-year basis.
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Shelter prices rose by 1.7 per cent in May after increasing by 1.8 per cent in April, while rental prices increased by 3.5 per cent year-over-year in May after a 3.6 per cent increase in April.
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Airfare and travel tour prices also rose by 7.4 per cent and 0.7 per cent, respectively, as airlines faced higher operational costs, notably jet fuel.
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