Canada's inflation rate down in May

Source: Xinhua| 2020-06-18 02:21:31|Editor: huaxia

OTTAWA, June 17 (Xinhua) -- Canada's Consumer Price Index (CPI) fell 0.4 percent in May after a 0.2 percent decline in April, according to Statistics Canada on Wednesday.

Excluding gasoline, inflation rose 0.7 percent, the smallest increase since January 2013. The COVID-19 pandemic brought down gasoline, outweighing a jump in food costs.

On a seasonally adjusted monthly basis, the CPI increased 0.1 percent in May. Among the major components, the transportation index rose 2.7 percent, the only one to increase, driven by higher gasoline prices in May.

Prices rose in four of the eight major components on a year-over-year basis.

Transportation prices contributed the most to the decline in the CPI, mainly because of lower gas prices compared with May 2019.

Food prices rose 3.1 percent in May, with the largest year-over-year increase among the major components. Enditem

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