Canada Inflation Up In May On Broad Price Increases

Canadians paid more for nearly everything -- except gasoline -- in May compared to a year earlier, pushing inflation up 2.4 percent, the government statistical agency said Wednesday

Ottawa, (UrduPoint / Pakistan Point News - 19th Jun, 2019 ) :Canadians paid more for nearly everything -- except gasoline -- in May compared to a year earlier, pushing inflation up 2.4 percent, the government statistical agency said Wednesday.

The broad-based gains topped economists' expectations, following a 2.0 percent average price increase the previous month.

"Prices increased year over year in all eight major components in May, with six components growing at faster rates and two components growing at the same pace compared with April," Statistics Canada said in a statement.

The main contributors to the 12-month change were passenger vehicles and car insurance premiums, mortgage interest costs, air travel and fresh vegetables, which saw a whopping 16.7 percent price hike blamed on bad weather in source regions.

Those gains were partly offset by lower gasoline prices, which declined 3.7 percent. The costs of internet access, travel accomodations, and computer and video equipment also fell in the period.