Our country’s inflation rate held steady at 1.7 per cent year-over-year in May, according to Statistics Canada.
Officials said a smaller price increase for rent and a drop in travel tours put downward pressure on inflation.
Smaller declines for gas and cellular services put upward pressure on the index compared with the previous month.
Rent prices climbed 4.5 per cent year over year in May, compared with a 5.2 per cent increase in April.
Ontario saw the biggest slowdown, which officials said was enough to offset price growth in seven other provinces.
Prices for travel tours fell 0.2 per cent year over year in May after a 6.7 per cent increase the previous month. Air transportation prices dropped just over 10 per cent.
Gasoline led the decline in consumer energy prices again this month, down more than 15 per cent year over year following an 18 per cent decline in April.
StatCan said gasoline prices remained below May 2024 levels, which was primarily due to the removal of the consumer carbon levy.
Prices for cellular services fell 5.5 per cent in May, compared with a 10.8 per cent drop in April, according to the monthly report.
On a yearly basis, price growth was faster in six provinces, slower in three provinces and was unchanged in one province in May.
