The Consumer Price Index (CPI) increased 3.2% year over year in May, up from a 2.8% gain in April. Higher prices for gasoline continued to drive the acceleration in the headline CPI in May. However, excluding gasoline, the CPI still rose at a faster pace year over year in May (+2.2%) compared with April (+2.0%). The CPI was up 1.0% month over month in May. On a seasonally adjusted monthly basis, the CPI increased 0.5%, largely due to a rise in the recreation, education and reading and transportation components. On a year-over-year basis, gasoline prices rose at a faster pace in May (+33.2%) compared with April ... (full story)

Canada's annual inflation rate in May accelerated more than expected to 3.2%, a 29-month high, data showed on Monday, as the impact of higher crude oil prices due to the Iran conflict continued to filter through gasoline costs. Analysts polled by Reuters had estimated the annual inflation rate to touch 3% in May, up from 2.8% in April. The prices, however, are already showing a major reversal in June after an interim peace deal was signed between the United States and Iran last week, which, analysts have said, could help ease the headline number in June. Statistics Canada said excluding the impact of gasoline prices, ... (full story)