Canada’s core inflation rate edged back down to 2.2% in May after hitting a four-year high of 2.5% in April. The monthly core rate increase of 0.3% was below the rapid 0.5% increase recorded last May, but faster than April’s 0.2% rise and almost double the average monthly pace in the core rate in the past two years, indicating that upward price pressures are not abating.
Even if the CPIX goes up by the average rate that it increased during the past seven Junes, the year-over-year core inflation rate would be 2.6% — the fastest pace of increase since March 2003 and reaching toward the 3% upper limit of the Bank of Canada’s 1% to 3% control target band.
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