Canadians may be feeling a price pinch as inflation rose to 2.4 per cent in May from the same month one year ago, led by higher prices for food.
That compares to a rise of two per cent in April, according to Statistics Canada’s consumer price index (CPI) released Wednesday.
Year-over-year prices rose in all eight categories of the index, with notable increases in food prices, up four per cent in the 12 months leading up to May 2019 after increasing three per cent in April.
Faster-than-average growth in food prices was driven by a 16.7 per cent spike in the cost of fresh vegetables compared to a year ago, as well as a 2.9 per cent increase in the price of meat.
Durable goods got 2.5 per cent more expensive in the past year, while the cost of new vehicles rose by 4.2 per cent.
One exception was gasoline, which dipped 3.7 per cent in price compared to May 2018.
Energy was one of the rare commodities that fell in price in the past year, by 0.1 per cent in that span. Within that, gasoline has fallen by 3.7 per cent.
If energy is stripped out, inflation would have been 2.7 per cent.
But that headline inflation number is notoriously volatile, easily skewed by individual factors. So the data agency also comes up with a so-called “core” inflation rate by tabulating the average of three other sub-rates with a lot of sectors stripped out.
The core inflation rate came in at 2.1 per cent, the highe