Canada's CPI Rises More Than Expected in May on Higher Gasoline Prices

08:49 AM EDT, 06/22/2026 (MT Newswires) -- Canada's consumer price index (CPI) accelerated to 3.2% year over year in May, exceeding expectations, as higher energy prices contributed to inflation, Statistics Canada said Monday.

"Higher prices for gasoline continued to drive the acceleration in the headline CPI in May," writes Statistics Canada in a statement, adding that excluding gasoline, CPI would be at 2.2% year over year.

Energy and commodity prices have surged following the United States military attacks against Iran starting at the end of February and the subsequent limits on the transit of vessels in the key Strait of Hormuz.

May's CPI was stronger than the 3.0% year-over-year consensus figure provided by Scotiabank Economics before the release of the data.

Prices for food, such as fresh fruit and vegetables, travel tours and air transportation accelerated, while housing remained a drag, noted StatsCan.

Shelter inflation eased slightly in May, with prices rising 1.7% year over year following a 1.8% increase in April. The homeowners' replacement cost index fell 2.5%, extending its streak of annual declines to 13 consecutive months, while other owned accommodation expenses, including real estate commissions, dropped 2.1% after falling 2.7% in April.

However, on a year-over-year basis, price growth was unchanged for durable goods, at 1.9% in both April and May.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.