Canada: CPI rose 1.3% on a year-over-year basis in May, following a 1.6% gain in April

"The Consumer Price Index (CPI) rose 1.3% on a year-over-year basis in May, following a 1.6% gain in April," said the Statistics Canada on Friday.

Key highlights:

• Overall, energy prices rose less year over year in May than they did in April, with the year-over-year growth rate in gasoline prices slowing to half of what it was the previous month. Declines in food prices continued to moderate

• On a seasonally adjusted monthly basis, the CPI fell 0.2% in May, after rising 0.4% in April.

• Excluding food and energy, the CPI was up 1.4% on a year-over-year basis in May, after posting a 1.5% increase in April.