By Kim Mackrael
OTTAWA--Canada's annual inflation rate accelerated in May to the fastest pace in a decade, as the effects of last year's economic shutdowns continued to put upward pressure on some consumer goods and prices for shelter and passenger vehicles rose.
Canada's consumer-price index rose 3.6% on a year-over-year basis in May, Statistics Canada said Wednesday, faster than the 3.4% increase recorded in the previous month. Market expectations were for a 3.5% rise in May, according to economists at TD Securities.
On a month-over-month basis, prices climbed 0.5%. On a seasonally adjusted basis, CPI rose 0.4% in May from the previous month.
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(END) Dow Jones Newswires
June 16, 2021 09:07 ET (13:07 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.