Statistics Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.8 percent m-o-m in June, following a 0.3 percent m-o-m gain in the previous month.

On the y-o-y basis, Canada’s inflation rate increased 0.7 percent last month after declining 0.4 percent m-o-m in May. That marked the biggest y-o-y advance in consumer prices since March 2011.

Economists had predicted inflation would increase 0.4 percent m-o-m and 0.3 percent y-o-y in May.

According to the report, prices rose in five of the eight major components on a y-o-y basis, with food (+2.7 percent y-o-y) and shelter (+1.7 percent y-o-y) prices contributing the most to the all-items jump.