Statistics Canada (StatsCan) reported today (6-22-22) that Canadians continued to feel the pinch of increasing prices in May, as consumer inflation rose 7.7% year-over-year. This is the largest yearly jump since January 1983 and is up from April’s 6.8% increase.
Excluding gasoline, the Consumer Price Index (CPI) increased 6.3% year-over-year in May. This comes on the heels of a 5.8% increase in April. On a monthly basis, the CPI rose 1.4% in May, following a 0.6% increase in April. On a seasonally adjusted monthly basis, the CPI was up 1.1%, the fastest pace since the introduction of the series in 1992.
According to StatsCan analysis, the CPI acceleration in May was largely due to higher prices for gasoline, which rose 12.0% compared with April 2022 (-0.7%). Higher prices for services, such as hotels and restaurants, also contributed to the increase. Food prices and shelter costs remained elevated in May as price growth was unchanged on a year-over-year basis.
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StatsCan: Consumer Price Index, May 2022