Financial Post Staff OTTAWA — Consumer prices were up 3.7% in May from a year earlier, the biggest leap since March 2003, Statistics Canada said Wednesday.

Economists polled by Bloomberg expected 3.3% annual inflation in May.

Gasoline prices were cited for the main reason for such a high inflation rate last month.

The core inflation rate, which factors out volatile items such as energy and certain foods, was 1.8%. Economists anticipated 1.5%.

The Canadian dollar firmed to a session high of $1.0280 after the data was released.

More to come … http://business.financialpost.com/2011/06/29/canadas-inflation-jumps/