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Statistics Canada’s measure of what it would cost homeowners to replicate their current living conditions increased at the fastest rate in 34 years in May, sparking a jump in the Consumer Price Index that caused some economists to wonder if the Bank of Canada might be losing its grip on inflation.
The CPI rose 3.6 per cent from May 2020, the biggest increase in a decade and well outside the central bank’s comfort zone of one per cent to three per cent, Statistics Canada reported on June 16.
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