Canada's annual inflation rate edged up to 2.9 per cent in May from 2.7 per cent the previous month, Statistics Canada said on Tuesday. The increase was largely due to higher prices for services, some of them typical of the season. Cellular services, rent, travel tours and air transportation saw faster price growth, according to the data agency. Grocery prices also increased slightly to 1.5 per cent year-over-year after a 1.4 per cent increase in April, marking the first increase since June 2023. Higher prices for fresh vegetables, meat (particularly fresh or frozen beef), fresh fruit and non-alcoholic beverages drove May food inflation up on a monthly basis.
