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Statistics Canada: CPI Up 2.2% in May

The Consumer Price Index rose 2.2 percent on a year-over-year basis in May, matching the increase in April, according to new data from Statistics Canada.

All eight major components increased year-over-year in May, although five of the eight major components grew at a slower rate. The transportation index rose 5.6 percent in May, following a 4.7 percent increase in April.

Energy prices rose 11.6 percent year-over-year in May, following a 6.3 percent increase in April. The growth was led by the gasoline index, which rose 22.9 percent in the 12 months to May. The electricity index (-0.8 percent) posted a smaller decline on a year-over-year basis in May than in the previous month. Prices for fuel oil and other fuels were up 22.2 percent in the 12-month period ending in May, the researcher said.

The all-items excluding energy index increased 1.6 percent on a year-over-year basis in May after a 1.9 percent increase in April. The principal factor offsetting the increase in May was a decline in the telephone services index, which fell 7.1 percent year-over-year, following a 0.9 percent decrease in April. The traveller accommodation index declined 4.2 percent in the 12 months to May.

Regionally, prices rose more on a year-over-year basis in five provinces in May compared with the previous month.

On a seasonally adjusted basis, the CPI increased 0.1 percent in May, matching the increases in April and March. The recreation, education and reading index (+1.7 percent) registered the largest gain, while the household operations, furnishings and equipment index (-1.0 percent) declined the most.

 

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