Canada's CPI Continues Rising In May
Faizan Hashmi Published June 18, 2021 | 05:28 PM
The Consumer Price Index (CPI) rose 3.6 percent on a year-over-year basis in May, up from the previous month's 3.4 percent increase, Statistics Canada said Wednesday
OTTAWA, (UrduPoint / Pakistan Point News - 18th Jun, 2021 ) :The Consumer Price Index (CPI) rose 3.6 percent on a year-over-year basis in May, up from the previous month's 3.4 percent increase, Statistics Canada said Wednesday.
It was the largest yearly increase since May 2011. Excluding gasoline, the CPI was up 2.5 percent year over year.
Although base-year effects continue to impact the 12-month price movement for some specific consumer goods, such as gasoline, furniture and beef products, the increase in year-over-year price growth in May was led by rising prices for shelter and passenger vehicles.
The monthly CPI rose 0.5 percent in May 2021, the same growth rate as in April. On a seasonally adjusted monthly basis, the CPI rose 0.4 percent in May.
Prices rose in every major component on a year-over-year basis. Shelter prices jumped 4.2 percent year over year in May, the largest yearly increase since September 2008. Prices for durable goods rose 4.4 percent year over year, the fastest pace since 1989, against the backdrop of rising consumer confidence and low interest rates.
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