Canada's CPI accelerates to 2.9% yoy, driven by service sector price hikes
Canada's CPI recorded a notable increase in May, climbing to 2.9% yoy from 2.7% yoy the previous month, surpassing the anticipated rate of 2.6%. This acceleration in headline CPI was primarily fueled by a significant uptick in service prices, which rose by 4.6% yoy in May, following a 4.2% yoy increase in April.
Canada's CPI recorded a notable increase in May, climbing to 2.9% yoy from 2.7% yoy the previous month, surpassing the anticipated rate of 2.6%. This acceleration in headline CPI was primarily fueled by a significant uptick in service prices, which rose by 4.6% yoy in May, following a 4.2% yoy increase in April.
