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...
OTTAWA - 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.
The annual inflation rate is now closer to the Bank of Canada's 2% target than in April, when Governor Tiff Macklem said the bank's six-member council was looking for sustained cooling in inflation before lowering borrowing costs.The central bank's preferred measures of core inflation also eased. CPI-median slowed for the fourth straight month to 2.6% from 2.9% in March, while CPI-trim decreased to 2.9% from 3.2%.
In April, an acceleration in gasoline prices added upward pressure to inflation, as higher costs associated with switching to summer blends, higher oil prices due to supply concerns and an increase in the federal carbon levy all contributed to the increase in prices, Statscan said.Excluding volatile food and energy, prices rose 2.7% compared with a 2.9% rise in March.Trump’s Social Media Company Posts Q1 Revenue of $770,500 and Net Loss of $327.
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