Canada facing broad-based inflationary pressures, data suggests
Canada’s inflation rate picked up in May, central bank data shows, with underlying data suggesting prices are rising across a range of sectors.
The rise in inflation places the economy in stark contrast to other major developed economies, with increases across all eight major components of CPI.
The consumer price index rose to 2.4% in May, up from 2% in April. The central bank’s three preferred core inflation indicators averaged just under 2.1% in May, up from 1.9% the month before.
The
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