Things on Bay Street started off higher this morning but quickly turned south. Disappointing inflation data and lower oil prices are contributing to the losses.

Stats Canada numbers show inflation in April was 2.2 per cent, a tenth of a cent lower than analyst expectations, but still two tenths higher than the Bank of Canada’s target. How that will play into the central bank’s decision to raise its key interest rate or not remains to be seen, but analysts are expecting at least one more increase this year.

The TSX is sitting at 16,112, down 31 points, and is in danger of snapping its more than week-long winning streak. Different story on Wall Street though as the Dow Jones is up 33 points, sitting at 24,746.

At press time the loonie is down half a cent to 77.66 cents U.S., oil is down 18 cents to $71.31 U.S. per barrel, and gold is up $2.30 to $1,291.70