Canada CPI slowed from 4.4% yoy to 3.4% yoy in May, matched expectations. That’s the lowest reading since June 2021, largely driven by lower year-over-year prices for gasoline (-18.3% ) resulting from a base-year effect.
Excluding gasoline, CPI also slowed from 4.9% yoy to 4.4% yoy. Mortgage interest cost index (+29.9%) remained the largest contributor to year-over-year CPI increase. Excluding mortgage interest cost, CPI rose slowed from 3.7% yoy to 2.5% yoy.
CPI median fell from 4.2% yoy to 3.9% yoy. CPI trimmed fell from 4.2% yoy to 3.8% yoy. CPI common fell from 5.7% yoy to 5.2% yoy.
On a monthly basis, CPI rose 0.4% mom, matched expectations.
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