May CPI rise in Canada: 2.9% annual increase
June 25, 2024
The Consumer Price Index (CPI) for May rose 2.9% year-on-year, compared with a 2.7% increase in April. The increase in the overall CPI was mainly driven by higher prices for services, which rose by 4.6% in May, following a 4.2% increase in April. Among services, prices for mobile services, travel, rentals and air transport rose the most. Prices of goods rose by 1.0%, the same pace as in April. On a month-on-month basis, the consumer price index rose by 0.6% in May, mainly due to higher prices for travel.
