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Consumer prices in Canada are expedited its pace of growth for the second consecutive month in May, as a major driver of increasing inflation are high prices of petrol.

Growth of consumer prices was 2.2 percent on an annual basis in May, reported by Statistics Canada. Consensus of economists had forecast consumer prices to increase by 1.9 percent.
Today’s report may prompt the central bank to keep interest rates unchanged since their possible demotion may increase the risk of inflation to go outside the designated by the bank level of 2 percent. Canadian Central Bank surprisingly left the basic interest rate unchanged this month at a level of 3 percent after four consecutive reductions of interest before.
Petrol prices are almost the only factor that affects the growth of prices in the country in May. On an annual basis, prices of fuel increased by 15 percent. Growth was recorded and in interest on mortgage payments - by 8.9 percent on an annual basis, a bakery products are rise up by 13.2 percent compared to May last year.
If, however, exclude those factors, inflation is unchanged from last month, the basic consumer price index registered growth of 1.5 percent per month on an annual basis. On a monthly basis, basic prices grew by 0.3 percent compared to April 2008

The main index of consumer prices excluding from the consumer basket in volatility elements such as energy prices and food and is considered by some economists to ease inflationary indicator.

After the news the Canadian currency appreciated against the dollar and to Currently a U.S. dollar is traded for 1.0132 Canadian dollars. Earlier today in the cross USD / CAD was at 1.0191