Canada CPI turned deeper negative at -0.4% yoy in May, down from -0.2% yoy in April, below expectation of 0.0% yoy. Prices rose in four of the eight major components on a year-over-year basis. Transportation prices contributed the most to the decline in the CPI, mainly because of lower gas prices compared with May 2019. Food prices (+3.1%) remained high in May, with the largest year-over-year increase among the major components.
CPI common dropped to 1.4% yoy, down from 1.6% yoy, missed expectation of 1.6% yoy. CPI median dropped to 1.9% yoy, down from 2.0% yoy, matched expectations. CPI trimmed dropped to 1.7% yoy, down from 1.8% yoy, matched expectations.
