Inflation jumps to 3.2% in May thanks to higher gas prices: StatCan - BNN Bloomberg
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Article Excerpt
Inflation accelerated to its highest level in more than two years in May as price pressures from the war in Iran started to crop up outside the gas pumps.
But most economists weighing in Monday saw little cause for panic in Statistics Canada’s latest consumer price data with oil prices already receding and the Bank of Canada unlikely to move from the sidelines anytime soon.
Statistics Canada said Monday that the annual rate of inflation jumped to 3.2 per cent in May, up from 2.8 per cent in April and notching the highest headline inflation rate since December 2023.
StatCan said gas prices r…
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