The Financial Post reports in its Tuesday edition that inflation in May exceeded the Bank of Canada's target range, but economists believe it has likely peaked. The Post's Gigi Suhanic writes that a 33 per cent rise in gas prices overshadows an economy still struggling. The consumer price index rose to 3.2 per cent in May from 2.8 per cent in April and is above the BOC's target range of 1 per cent to 3 per cent, Statistics Canada said Monday. CIBC's Andrew Grantham says, "With oil and gasoline prices now well off their previous highs, this should prove to be the peak and, as such, viewed as old news." He anticipates a 3 per cent year-over-year CPI increase when June's numbers are released, as gasoline prices have decreased amid U.S.-Iran negotiations. The BOC prefers to focus on core inflation, but Mr. Grantham says that measure could rise over the next few months due to summer travel and the World Cup. CIBC expects policy-makers will hold rates for the rest of the year. KPMG's Ali Jaffery says, "Inflation moved higher again primarily on energy and energy-related items and rising food prices." He attributes the rise in food prices mainly to bananas and tomatoes, noting it aligns with the trend in that category.