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Royal Bank of Canada Forecasts May Core CPI to Hit 2.9% as Enterprises Raise Prices Throughout Summer

GateNews
Indices
According to Royal Bank of Canada, the country expects May core CPI to rise 0.3% month-over-month and 2.9% year-over-year. The bank attributes the increase to sustained energy price pressures, elevated airline fuel costs, and a tight labor market supporting wage growth. May core PPI is expected to rise 0.6% month-over-month and 5.5% year-over-year. The National Federation of Independent Business survey shows approximately 30% of enterprises plan to raise prices over the next three months, indicating strong pricing power. RBC predicts enterprises will continue passing higher upstream costs to consumers throughout summer, providing further support to inflation in coming months.
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