Gasoline prices were a major factor in the deceleration of Canada’s inflation rate last month. (David Paul Morris/Bloomberg)
Canada’s inflation rate decelerated to 3.4 per cent in the year up to May, Statistics Canada says, led by sharply lower gasoline prices.
That’s a significant slowdown from the 4.4 per cent pace seen in April.
Gasoline prices were the single biggest reason for the deceleration. If gasoline is stripped out, the inflation rate would be 4.4 per cent.
More to come.
ABOUT THE AUTHOR
Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: [email protected]
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