Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
OTTAWA –
Canada’s annual inflation rate rose to 2.9 per cent in May, driven mainly by higher prices for services, Statistics Canada reported Friday.
The agency said service prices rose 4.6 percent compared to a year ago as consumers paid more for cellular services, travel and rent. Commodity prices rose by one per cent.
Food prices rose 1.5 per cent year on year in May, a tick higher than April, when they rose 1.4 per cent.
The annual inflation rate for April was 2.7 per cent.
The latest consumer price report comes after the Bank of Canada cut its benchmark interest rate by a quarter of a percentage point earlier this month to 4.75 per cent.
Today’s inflation reading, along with upcoming June inflation data, is expected to play a key role in the central bank’s next rate decision, set for July 24.
This report was first published by The Canadian Press on June 25, 2024.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://www.ctvnews.ca/business/canada-s-annual-inflation-rate-rose-to-2-9-per-cent-in-may-driven-by-services-prices-groceries-1.6939870
