The Consumer Price Index rose by 2.3% in May compared with May 2013, following a 2.0% increase in April.
The CPI for goods increased by 2.5% in the 12 months to May while the CPI for services was up 2.1% over the same period.
Gasoline prices increased 6.3% from May 2013, after rising 6.6% in April. Overall, energy prices grew 8.4% between May 2013 and May 2014, the same annualized rate of increase as experienced in April. Excluding energy, the Consumer Price Index rose 1.7% in May, after growing by 1.4% in April.
Food prices rose 2.3% in the 12 months to May, up from the increase of 1.9% in April. The cost of food purchased from stores in the 12 months to May rose 2.5%, after rising 1.7% in the previous month. The increase was led by meat prices, up 8.0% from a year earlier following a 4.5% annualized gain in April. Prices for food purchased from restaurants advanced 2.1% on a year-over-year basis, the same rate of year-over-year increase as reported in April.
Costs associated with shelter rose 3.4% in May over May 2013, after increasing 3.3% in April. Consumers paid more for electricity (+7.0 %), natural gas (+21.3%), fuel oil (+12.7%) and property taxes. The mortgage interest cost index was up 0.2% in the 12 months to May 2014 unchanged from April.
Consumers paid 1.6% more for household operations, furnishings and equipment in May compared to May 2013, after an increase of 1.0% recorded in April.
Transportation prices gained 2.7% in the 12 months to May 2014, following a 2.8% increase in April. In addition to gasoline, consumers paid 2.0% more for the purchase of passenger vehicles, after rising 1.5% in April.
In the 12 months to May 2014, consumer prices rose in all ten provinces. The CPI grew the most in Ontario over May 2013 (+2.8%) followed by Manitoba and Newfoundland and Labrador, both at 2.6%. The smallest gains in the CPI occurred in British Columbia (+1.5%) and Quebec (+1.6%). Ontario’s increase was mainly attributable to natural gas prices , which were up 39.4% from a year earlier. Gasoline prices in Ontario increased by 8.6% from May 2013 while electricity rates grew by 8.1% from a year earlier. Meat prices in Ontario rose 9.1% from May 2013.