Canada's inflation rate dropped to 1.5% in May as food prices posted their smallest annual increase in more than two years.
Statistics Canada reported Friday that the consumer price index dipped from 1.7% the month before.
Gasoline and food prices were the biggest factors in the slowdown. Gasoline prices were down 7.1% in the year up to May, while food prices increased by 1.8%, the smallest increase seen since March of 2014.
On a seasonally-adjusted monthly basis, the CPI increased 0.2% in May, matching the gain in April.
