Canada's annual inflation rate rose to 2.9% in May, mainly due to higher service and grocery prices.

Canada's annual inflation rate edged up to 2.9% in May from 2.7% the previous month, according to Statistics Canada. The increase was mainly due to higher prices for services, including cellular services, rent, travel tours, and air transportation. Grocery prices also saw a slight increase to 1.5% year-over-year. The Bank of Canada is closely monitoring inflation data to inform its interest rate decisions.

June 24, 2024
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