The annual pace of inflation held steady at 1.7 percent in May as cooling shelter costs helped tame price pressures, Statistics Canada said Tuesday.
Shelter costs rose three percent in May, StatCan said, marking a slowdown from 3.4 percent in April.
The agency singled out Ontario as the major source of rent relief in the country. Slowing population growth and a jump in new supply helped dampen rent hikes in May.
Mortgage interest costs meanwhile decelerated for the 21st consecutive month amid lower interest rates from the Bank of Canada.
Economists had broadly expected inflation would remain unchanged heading into Tuesday.
The removal of the consumer carbon price continues to drive down gasoline costs annually, StatCan said, but a smaller monthly decline in prices at the pump from this time last year limited the drop….