06/20/2014 09:12 EDT | Updated 08/20/2014 05:59 EDT

Canada's inflation rate jumps to 2.3% in May

Canada's consumer price index hit 2.3 per cent in May, the first time in more than two years that the inflation figure has been above two per cent.

Economists had been expecting the inflation rate to come in at two per cent, the same level in April. But an unexpectedly large jump in energy prices moved the rate higher.

The so-called "core" rate, which strips out volatile items like food as well as energy prices, increased from 1.4 per cent to 1.7, so there's a broad-based uptick in prices.

Statistics Canada singled out higher prices for meat, traveller accommodation and electricity. Consumers are paying 10 per cent more for beef than at the start of the year. Prices for fresh or frozen pork have risen by 12.2 per cent during the five-month period.

More to come