The higher prints broke a multi-month downward streak of pricing pressures and called into question future interest rate cuts by the Bank of Canada.
Meanwhile, in the United States, the Fed’s preferred inflation measure, the personal consumption expenditures index, or PCE, increased 0.1 percent in May, as expected. The annual print rose 2.6 percent, representing a 0.2 percent drop from April.
Headline inflation was flat for the month, while core (excluding food and energy) ticked up 0.1 percent. The PCE is the Fed’s preferred inflation measure and is closely monitored as the central bank determines the path of interest rates.
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