PEI one of 6 provinces to see price growth at a faster pace in May

The annual pace of inflation in Canada held steady at 1.7 per cent in May as cooling shelter costs helped tame price pressures.  Statistics Canada says shelter costs rose three per cent in May, marking a slowdown from 3.4 per cent in April.  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’s data release.  The removal of the consumer carbon price continues to drive down gasoline costs annually, but a smaller monthly decline in prices at the pump from this time last year limited the drop.  PEI’s inflation rate in May was 0.7 percent, compared to 0.6 percent in April.  PEI was one of 6 provinces that saw price growth at a faster pace.