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Canada's inflation highest in developed countries

Staff writer |
Among developed countries, Canada (EWC) has the highest inflation rate currently.

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While inflation rates stand at 0% in the United States, 0.1% in the United Kingdom (EWU), and 0.3% in the Eurozone (VGK), Canada’s inflation rate came in at 0.9% according to the latest report by Statistics Canada.

The cost of living in Canada, as measured by the change in the consumer price index or inflation rate, rose by 0.9% in May 2015 over May 2014. The figure, as released on June 19, showed that inflation has edged up from April’s 0.8%.

Market expectations were set around 0.7% to 0.8%. Inflation rose by 0.6% in May.

The core inflation rate, which excludes volatile food and energy prices, came in at 2.2% year-over-year in May against April’s figure of 2.3%. At a geographical level, the inflation rate was highest in Yellowknife, the Northwest Territories, and Saskatchewan at 1.5%, followed by Quebec at 1.2%.

Food prices rose 3.8%, leading the overall price increases in Canada. Meat prices rose by 7.9%, and fresh vegetables were up 5.8%.

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