Statistics Canada released consumer price inflation data on Friday. Canadian consumer price inflation increased 0.6% in May, exceeding expectations for a 0.5% rise, after a 0.1% decline in April.

On a yearly basis, the consumer price index rose to 0.9% in May from 0.8% in March. Analysts had expected inflation to remain at 0.8%.

The consumer price index was driven by higher food prices, which climbed 3.8% in May.

The energy index plunged 11.8% in May from the same month a year earlier as gasoline price dropped 17.4% in May from the same month a year earlier.

Canadian core consumer price index, which excludes some volatile goods, increased 0.4% in May, after a 0.1% gain in April.

On a yearly basis, core consumer price index in Canada fell to 2.2% in May from 2.3% in April. Analysts had expected the index to decline to 2.1%.

The Bank of Canada's inflation target is 2.0%.