Canada Inflation Heats Up to 3.2% in May, Highest Level in More Than Two Years — 2nd Update CAIRYY OTTAWA--The hit Canadians took at the pumps last month pushed inflation to a 29-month high, though price pressures beyond gasoline remained largely contained. The consumer-price index climbed 1% in May, pushing the annual rate to 3.2%, Statistics Canada said Monday. That is the highest level since December 2023, when inflation hit 3.4%.