Inflation in Canada spikes to 2.4% on higher prices for food

Canadians may be feeling a price pinch as inflation rose to 2.4 per cent in May from the same time one year ago, the biggest increase since October 2018.

That compares to a rise of two per cent in April, according to Statistics Canada’s consumer price index (CPI) released Wednesday.

Year-over-year prices rose in all eight categories of the index, with notable increases in food prices, up four per cent in the 12 months leading up to May 2019 after increasing three per cent in April.

Faster-than-average growth in food prices was driven by a 16.7 per cent spike in the cost of fresh vegetables compared to a year ago, as well as a 2.9 per cent increase in the price of meat.

One exception was gasoline, which dipped 3.7 per cent in price compared to May 2018.

Excluding gasoline, the CPI increased 2.7 per cent year over year.