Consumer prices rose 3.2% in May as gas prices surged
Canada inflation rises to 3.2% as gasoline and food costs climb See why core inflation stays near 2% and what higher energy prices could mean
Canada’s inflation rate increased to 3.2% in May, driven mainly by higher gasoline costs and other energysensitive prices. Economists said the broader inflation picture remained more stable, with core measures staying near 2%.
The article says gasoline prices jumped 33.2% year over year, while grocery costs also climbed, including a sharp rise in tomato prices. Some of the food and transport increases were linked to higher energy costs and supply issues.
Analysts noted that inflation may have peaked for now if gasoline prices continue to ease from recent highs. Still, they warned that elevated oil prices and global energy disruptions could keep pressure on consumer prices in the months ahead.