Canada’s inflation up 2.4pc in May | 2019-06-21

Canada’s inflation up 2.4pc in May

21 June, 2019 12:00 AM printer

OTTAWA: Canada’s annual inflation rate rose 2.4 percent in May due to higher prices for vegetables and durable goods, Statistics Canada said Wednesday.

The country’s inflation rose 2 percent in April and was the fourth straight month with year-over-year increases, reports Xinhua.

Food prices increased 3.5 percent as fresh vegetable prices soared 16.7 percent, the largest year-over-year increase since February 2016.

Transportation prices gained 3.1 percent as the cost of air transportation jumped 8.9 percent and the cost of passenger vehicles rose 4.2 percent.  Passenger vehicle insurance premiums shot up 8.1 percent. Year-over-year prices rose in all eight categories of the index, with notable increases in food prices, up 4 percent in the 12 months until May 2019 after a 3 percent increase in April.