Global markets: Canada’s annual inflation edges down

By Commodity News Service Canada

WINNIPEG, June 17 – The following is a glance at the news moving markets globally.

CANADA’S ANNUAL INFLATION SLIGHTLY DOWN IN MAY
The Consumer Price Index (CPI) rose 1.5 per cent in the 12 months to May, after increasing 1.7 per cent in April, Statistics Canada said in a report on Friday.

Excluding gasoline, the CPI was up 1.9 per cent year over year in May, following a two per cent gain in April.

On a year-over-year basis, gasoline prices were down 7.1 per cent in May, after declining 5.8 per cent in April. On a monthly basis, gasoline prices registered their third consecutive increase, rising 4.1 per cent in May. This followed an 8.9 per cent monthly gain in April.

FEDERAL RESERVE HOLDS RATES STEADY
US housing starts fell in May as fewer of multi-family housing units were built, according to reports on Friday.

However, an increase in building permits could indicate an economically stronger second-quarter, analysts said.

INDIA EXTENDS WHEAT TAX
India has extended its 25 per cent wheat import tax, according to reports out of the country on Friday.

The extension is expected to curb cheap shipments as domestic stockpiles gain.

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