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Canada's inflation cools to 3-yr low of 2.7%, in boost for rate cut bets

  • Canada's annual inflation rate decreased to 2.7% in April, leading to expectations of an interest rate cut next month.
  • The decline in March's 2.9% rate was driven by lower food prices, services, and durable goods, according to Statistics Canada.
  • The Bank of Canada, aiming for 2% inflation, sees the report as positive for anticipating a sustained drop in inflation.
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ReutersReuters
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Canada's inflation cools to 3-yr low of 2.7%, in boost for rate cut bets

Canada's annual inflation rate slowed to a three-year low of 2.7% in April, matching expectations, and core measures continued to ease, data showed on Tuesday, likely boosting chances of a June interest rate cut.

·United Kingdom
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CP24 broke the news in Toronto, Canada on Tuesday, May 21, 2024.
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