Canadian Inflation Rate Up 3.2% in May

Canada’s annual inflation rate accelerated more than expected in May, as sharply higher gasoline, travel, and grocery prices pushed the Consumer Price Index to its highest level in more than two years. Statistics Canada reported Monday that the CPI rose 3.2% year over year, up from 2.8% in April and above economists’ expectations for a 3% increase. Consumer prices advanced 1% from April, while the seasonally adjusted monthly increase was 0.5%. Gasoline remained the primary driver, wi