Canada inflation reaccelerates to 2.9%, raising bar for July cut
BNN Bloomberg
Inflation unexpectedly surged in Canada less than three weeks after the central bank led its Group of Seven peers into rate cuts, a potential setback for policymakers as they weigh easing monetary policy further.
The consumer price index rose 2.9 per cent in May from a year ago, up from 2.7 per cent a month earlier, primarily due to higher prices for services, Statistics Canada reported Tuesday in Ottawa. That’s faster than the median estimate of 2.6 per cent in a Bloomberg survey of economists.
On a monthly basis, the index climbed 0.6 per cent, versus expectations for a 0.3 per cent gain and up from 0.5 per cent in April. On a seasonally adjusted basis, inflation rose 0.3 per cent.
The central bank’s two core inflation measures also increased, averaging a 2.85 per cent yearly pace, faster than the 2.7 per cent expected by economists and from downwardly revised 2.7 per cent a month earlier.
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Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.