Ottawa: Canada’s Consumer Price Index (CPI) rose 3.4 per cent in May year over year, following a 4.4 pe rcent increase in April, the national statistical agency said.
Statistics Canada said Tuesday this was 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, Xinhua news agency reported.
It added that excluding fuel, the CPI rose 4.4 per cent in May following a 4.9 per cent increase in April.
According to the statistical agency, the mortgage interest cost index, with a growth of 29.9 per cent, remained the largest contributor to the year-over-year CPI increase.
Excluding mortgage interest cost, the CPI rose 2.5 per cent in May, following a 3.7 per cent increase in April.
On a monthly basis, the CPI was up 0.4 per cent in May, following a 0.7 per cent 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 per cent, Statistics Canada said.