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Canada’s CPI Rises 3.4 Pct in May

Canada’s Consumer Price Index (CPI) rose 3.4 percent in May year over year, following a 4.4 percent increase in April, Statistics Canada said Tuesday.

This is the smallest increase since June 2021 and the slowdown was largely driven by lower year-over-year prices for gasoline resulting from a base-year effect, the national statistical agency said, adding that excluding gasoline, the CPI rose 4.4 percent in May following a 4.9 percent increase in April.

According to the agency, the mortgage interest cost index, with a growth of 29.9 percent, remained the largest contributor to the year-over-year CPI increase. Excluding mortgage interest cost, the CPI rose 2.5 percent in May, following a 3.7 percent increase in April.

On a monthly basis, the CPI was up 0.4 percent in May, following a 0.7 percent gain in April. The largest contributors to the month-over-month increase were mortgage interest costs and travel services, which include traveler accommodation and travel tours. On a seasonally adjusted monthly basis, the CPI rose 0.1 percent, Statistics Canada said. 

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