Inflation accelerated in Canada in May

June 21, 2013 at 1:43 PM
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OTTAWA, June 21 (UPI) -- The annual inflation rate in Canada rose 0.7 percent in May, following a 0.4 percent increase in April, Statistics Canada said Friday.

Higher costs for shelter, especially natural gas, pushed the increase, the data agency said.

Natural gas prices jumped 15.4 percent from May 2012 to May 2013, the largest annual gain since December 2008.

It was the third month out of the past four with year-over-year gains in natural gas prices, following 25 consecutive months of annual price declines, StatCan said.

Costs for shelter rose 1.3 percent. Food prices rose 1.3 percent from May 2012, after an annual rate increase of 1.5 percent in April.

For the second consecutive month transportation prices fell on an annual basis, sliding 0.5 percent in May after dropping 2.1 percent in April.

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