Canada Inflation May 2020

Canada

Canada: Consumer prices year-on-year fall in May

June 17, 2020

Consumer prices increased 0.1% from a month earlier on a seasonally-adjusted basis in May, contrasting the 0.7% drop in April. According to Statistics Canada, a strong rise in transportation prices costs drove the month-on-month rise in May.



Consumer prices in annual terms fell 0.4% in May (April: -0.2%). The reading was lower than market analysts’ expectations of a flat reading, and was well below the Central Bank’s 1.0%–3.0% target range. Meanwhile, annual average inflation ticked down to 1.6% in May from 1.8% the month prior.

FocusEconomics Consensus Forecast analysts, see inflation averaging 0.8% in 2020, which is unchanged from the previous month’s forecast. For 2021, our panelists see inflation averaging 1.8%.


Author:, Economist

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Canada Inflation May 20 20

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
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