Canadian consumer prices jump in May

The prices of consumer goods in Canada jumped 3.7 percent in May, led largely by higher gasoline prices, Statistics Canada reported Wednesday. "Energy prices advanced 16.6 percent during the 12 months to May, following a 17.1 percent increase in April," StatsCan said. "Gasoline prices rose 29.5 percent, the largest increase since September 2005 when prices rose in the aftermath of Hurricane Katrina." The overall Consumer Price Index rise came on the heels of a 3.3 percent gain in April, the report said. If gasoline prices were excluded from the CPI calculations, the index was up 2.4 percent in the 12 months to May. "In addition to paying more for gasoline, consumers paid 5 percent more in passenger vehicle insurance premiums; prices for air transportation and the purchase of passenger vehicles also advanced," the agency said. Retail food prices rose 4.2 percent on an annual basis following a 3.7 percent gain in April. By province, Nova Scotia had the highest increase in consumer prices on an annual basis for the fifth consecutive month, up by 4.6 percent.