Inflation rate falls while grocery prices continue to climb

The rate of inflation is at 3.4 percent, following a 4.4 percent increase in April.

Statistics Canada says this is the smallest increase since June 2021.

While consumers saw lower prices in goods such as vehicles, furniture, and cellphone plans, grocery prices remain elevated, while prices for restaurant food accelerated.

Grocery prices rose 9.0 percent year over year in May. This increase was still more than double the rate of inflation and nearly unchanged from the 9.1% increase in April.

Prices for food purchased from restaurants rose at a slightly faster year-over-year pace in May.