Canada: Annual CPI rose 2.5% in June vs. 2.4% expected

"The Consumer Price Index (CPI) rose 2.5% on a year-over-year basis in June, following a 2.2% increase in May," Statistics Canada reported on Friday.

Key takeaways from the official publication 

• This is the largest year-over-year increase in the CPI since February 2012.
• This month's year-over-year CPI increase follows a year of gradual acceleration in consumer price inflation, from a recent low of 1.0% year over year in June 2017.
• This trend reflects increases in prices for gasoline and food purchased from restaurants, as well as offsetting factors such as lower price inflation for electricity and telephone services.
• These movements coincide with recent improvements in the economy and the labour market, as well as an increase in oil prices.
• On a seasonally adjusted monthly basis, the CPI rose 0.1% in June, matching the increase in May.