Canada’s inflation rate decelerated to 3.4 per cent in the year up to May, Statistics Canada said Tuesday, led by sharply lower gasoline prices.
That’s a significant slowdown from the 4.4 per cent pace seen in April.
Gasoline prices were the single biggest reason for the deceleration. If gasoline is stripped out, the inflation rate would be 4.4 per cent.
Gasoline prices being down, on average, by more than 18 per cent compared to the record highs they were hitting this time last year was enough to drag down the overall inflation rate just by itself.
But beneath the headline slowdown in consumer prices,
