Canada: Inflation Accelerates in May
While this wasn't as big of a letdown as the Oilers' game last night, today's CPI print was a disappointment. Not only did the headline print unexpectedly rise, the average of the BoC's core inflation rates increased for the first time in 2024! This was driven by big price swings in a number of services categories. Big increases were seen in areas related to housing and travel – two sources of unrelenting price pressures over the last year.
While this wasn't as big of a letdown as the Oilers' game last night, today's CPI print was a disappointment. Not only did the headline print unexpectedly rise, the average of the BoC's core inflation rates increased for the first time in 2024! This was driven by big price swings in a number of services categories. Big increases were seen in areas related to housing and travel – two sources of unrelenting price pressures over the last year.
