* TSX ends up 0.2% at 22,284.76
* Snaps three-day run of declines
* U.S. consumer prices rise less than expected
* Utilities sector rallies 1.3%
May 15 (Reuters) - Canada's main stock index rose on Wednesday, led by gains for the technology and utilities sectors, as data showing a slowdown in U.S. inflation bolstered expectations the Federal Reserve would begin cutting interest rates this year.
The Toronto Stock Exchange's S&P/TSX composite index ended up 41.42 points, or 0.2%, at 22,284.76, snapping a three-day run of declines.
"What's driving the market in large part is the inflation print down south ... it helps bring back the narrative that central banks should still cut this year," said Ben Jang, portfolio manager at Nicola Wealth.
U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter in a boost to financial market expectations for a September rate cut.
The prospect of rate cuts has been particularly beneficial for "fixed-income like sectors" such as utilities and real estate, Jang said.
The utilities and real estate sectors, which include many high-dividend paying stocks, rose 1.3% and 0.5% respectively.
Technology was also a standout, adding 1.2%.
The energy sector was less influential, gaining 0.2%. Oil settled 0.8% higher at $78.63 a barrel but investors were also mindful of a large wildfire threatening the major Canadian oil sands city of Fort McMurray. (Reporting by Fergal Smith in Toronto and Khushi Singh in Bengaluru; Editing by Shreya Biswas and Diane Craft)
