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MNI: Canada May CPI Quickens to 7.7%, Fastest Since 1983

(MNI) Ottawa
Report comes as central bank weighs hiking rates more than half a percentage point in July.

Canadian inflation quickened more than expected to 7.7% in May from a year earlier to mark the fastest pace since 1983 in a broad-based gain led by gasoline, boosting the case for the central bank to hike borrowing costs by more than half a percentage point.

The consumer price index rose 1.4% on a one-month basis, and that gain alone exceeds the bottom of the Bank of Canada’s 1%-3% target band for price gains over a full year. Economists predicted prices would climb 1.1% from April and 7.4% over the prior 12 months. The CPI had advanced 6.8% in April. 

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Canadian inflation quickened more than expected to 7.7% in May from a year earlier to mark the fastest pace since 1983 in a broad-based gain led by gasoline, boosting the case for the central bank to hike borrowing costs by more than half a percentage point.

The consumer price index rose 1.4% on a one-month basis, and that gain alone exceeds the bottom of the Bank of Canada’s 1%-3% target band for price gains over a full year. Economists predicted prices would climb 1.1% from April and 7.4% over the prior 12 months. The CPI had advanced 6.8% in April. 

Keep reading...Show less