Canadian CPI declined more than expected

On Friday, Statistics Canada reported that consumer price inflation in May was 1.2%, following the April's 2.0% increase in consumer prices. Canadian year-over-year CPI is lower than expected, since initial forecast was that the figure would be 2.0%. Core CPI decreased by 0.1% on a m-o-m basis, which was also lower than a predicted 0.2% increase.