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Canadian Annual Inflation 2.2% in May

Published 06/22/2018, 08:30 AM
Updated 06/22/2018, 08:30 AM
© Reuters.  Canada CPI advances 2.2%, missing forecasts for annual inflation of 2.5%

© Reuters. Canada CPI advances 2.2%, missing forecasts for annual inflation of 2.5%

Investing.com - The overall rate of inflation in Canada held steady in May, Statistics Canada said on Friday.

The consumer price index rose 2.2% last month, compared with the same month a year earlier.

Prices rose by 0.1% from a month earlier.

Economists had expected annual inflation to increase by 2.5% and monthly inflation to rise by 0.4%.

Core inflation, which excludes gasoline, was up 1.3% from a year earlier and fell by 0.1% from the previous month.

The compared to forecasts for a 1.4% and 0.5%, respectively.

The Bank of Canada aims to keep inflation at 2%, the midpoint of a target range of 1% to 3% over the medium term.

The next policy decision is scheduled for July 11.

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