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National Bank's Weekly Economic Watch

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Canada's Consumer Price Index in May rose 0.95% in non-seasonally adjusted terms, following a 0.36% increase in April, and above consensus expectations of a 0.8% increase, National Bank's weekly economic monitor reports.

In seasonally adjusted terms, prices edged up 0.48% in May after advancing 0.36% in April. On an annual basis, headline inflation accelerated from 2.8% in April to 3.2% in May, the highest level since September 2023.

April's GDP data will be released next Tuesday. National Bank expects economic output to have grown 0.4% during the month.

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