FXstreet.com (Barcelona) - Higher gasoline prices have pushed consumer inflation up in September in Canada, compared to the levels of the same month last yea, according to the latest Consumer Prices Report by Statistics Canada.

Consumer prices have risen .5% on the year in Canada, the highest yearly increase since May 2006, a sharp acceleration from the 1.7% yearly CPI posted in August. The reason for such a jump is the 12.7% yearly increase in gasoline prices. Excluding gasoline, consumer prices have increased 2.0%.

On a month to month basis CPI has increased 0.2% following a 0.3% decline in August, the core CPI increased 0.4%.