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“The Consumer Price Index (CPI) rose 2.2% on a year-over-year basis in May, matching the increase in April,” Statistics Canada announced on Friday.  

Key takeaways from the official publication

  • All eight major components increased on a year-over-year basis in May, although five of the eight major components grew at a slower rate.

  • Energy prices rose 11.6% year over year in May, following a 6.3% increase in April. This growth was led by the gasoline index, which rose 22.9% in the 12 months to May.

    • The electricity index (-0.8%) posted a smaller decline on a year-over-year basis in May than in the previous month. Prices for fuel oil and other fuels were up 22.2% in the 12-month period ending in May.

  • The all-items excluding energy index increased 1.6% on a year-over-year basis in May after a 1.9% increase in April.