Canada CPI rises above forecasts in May

Canada's consumer price index (CPI) increased 3.2% year‑on‑year in May, surpassing the 2.9% forecast and up from 2.8% in April. The core CPI, which excludes volatile items, rose 2.2% year‑on‑year, matching expectations and higher than 2.1% previously. On a monthly basis, the CPI rose 1.0% in May, beating the 0.7% estimate and up from 0.4% in April, while core CPI grew 0.6% month‑on‑month, above the 0.5% forecast and the 0.2% recorded in April.