Canada: Annual CPI rises to 2.4% in May vs. 2.1% expected

The data published by Statistics Canada today revealed that inflation, as measured by the Consumer Price Index (CPI), rose 2.4% on a yearly basis in May following April's 2% reading and came in above the market estimate of 2.1%. On a monthly basis, the CPI matched the previous reading with 0.4%. 

Meanwhile, the core CPI, which excludes volatile food and energy prices and is published by the Bank of Canada (BOC), was 21% and 0.3% on a yearly and monthly basis, respectively, with both figures surpassing analysts' forecasts. 

With the initial reaction, the USD/CAD pair came under a renewed pressure and was last seen trading at 1.3340, losing 0.27% on a daily basis.