The country’s annual inflation rate ticked up in May, according to Statistics Canada.
The Consumer Price Index stood at 2.9 per cent, up slightly from 2.7 per cent in April.
Officials said Tuesday that the acceleration was largely due to higher prices for services.
Faster price growth was led by travel tours, rent, and air transportation, according to the report.
Prices for cellular services fell at a slower year-over-year pace in May (19.4 per cent) than in April (26.6 per cent). On a monthly basis, they were up 1.2 per cent in May compared with April.
Grocery prices increased 1.5 per cent on a year-over-year basis compared to 1.4 per cent in April, which StatCan said was the first acceleration since June 2023.
On a month-over-month basis, grocery prices rose 1.1 per cent — the largest increase since January 2023.
The monthly increase was driven by higher month-over-month prices for fresh vegetables, meat, fresh fruit, and non-alcoholic beverages.
Regional inflation numbers
Prices rose at a faster pace in May compared with April in six provinces, according to the report from StatCan.
Nova Scotia (3.7 per cent), Prince Edward Island (3.2 per cent), Quebec (3.1 per cent), Ontario (3.0 per cent), and Alberta (3.0 per cent) had the highest rates of inflation.
That was followed by New Brunswick (2.9 per cent), British Columbia (2.9 per cent), Newfoundland and Labrador (2.6 per cent), Saskatchewan (1.5 per cent), and Manitoba (1.3 per cent).
You can view the full report here.
