Statistics Canada says consumer price index for May up 0.9% from year ago

Statistics Canada says the consumer price index for May was up 0.9 per cent from a year ago as lower energy prices were more thanoffset by other increases including higher prices for food.

Economists had expected an increase of 0.8 per cent, according to Thomson Reuters.

Energy prices were down 11.8 per cent from a year ago led by a 17.4 per cent drop in gasoline prices. Natural gas was down 14.4 per cent.

Excluding energy prices, the consumer price index for May was up 2.2 per cent from a year ago.

Prices were up in seven of the eight major components with the increase led by higher food prices. The transportation component, which includes gasoline, was lower.

The Bank of Canada’s core index, which excludes some of the most volatile items, was up 2.2 per cent in May. Economists had expected a gain of 2.1 per per cent.