The Canadian dollar was up following new data that shows inflation rose unexpectedly in May.
The loonie rose about half a cent to 93.95 US cents the morning of June 20 after data from Statistics Canada showed the Consumer Price Index (CPI) rose 2.3% between May 2013 and May 2014.
The CPI rose 2% in April from the year before and was expected to remain the same in May.
“The year-over-year rise in the CPI in May was led by energy prices, which increased 8.4% in the 12 months to May, matching the rise in April,” Statistics Canada said.
The CPI increased just 1.5% in B.C. in the 12 momths to May, the smallest increase recorded in any Canadian province.
The Bank of Canada's core index, which takes away items more prone to price fluctuations like food and energy, rose 1.7% year-over-year in May. It rose 1.4% in April.
