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Canada: Inflation remains on target in May
Latest reading: Inflation came in at 1.7% in May, matching April’s reading and market expectations, and comfortably within the Central Bank’s 1.0–3.0% target range. Looking at the details of the release, prices for food and housing grew at a more moderate rate in May, while prices for transportation fell at a more moderate rate.
The trend pointed down mildly, with annual average inflation coming in at 2.1% in May (April: 2.2%). Meanwhile, core inflation was steady, coming in at April’s 2.5% in May.
Lastly, consumer prices rose 0.55% over the previous month in May, swinging from April’s 0.06% drop.
