By Kim Mackrael 



  OTTAWA--Canada's annual inflation rate fell for a second consecutive month in May on lower prices for gasoline. 


  Canada's consumer-price index declined 0.4% on a year-over-year basis in May, Statistics Canada said Wednesday, following a 0.2% decline in the previous month. Markets expected CPI to remain unchanged in May, according to economists at the Bank of Nova Scotia. 


  On a month-over-month basis, CPI rose 0.3%. 


  Write to Kim Mackrael at kim.mackrael@wsj.com