In May 2024, Canada's inflation rate unexpectedly rose to 2.9%, surpassing expectations and marking a shift in recent trends. The primary drivers included rising transportation and food costs, challenging forecasts of continued monetary policy easing.
Transportation costs: +3.5%
Airfare prices: +4.5%
Food prices: +2.4%
Grocery costs: +1.5%
Health and personal care expenses: +3.6%
Household operation costs: -1.5%
Housing costs: still at a high of 6.4%
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The Canadian dollar strengthened to 1.365 against the US dollar. Stay tuned to how the Bank of Canada navigates these economic developments. The Consumer Price Index (#CPI) grew 0.6% month-over-month.
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