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Inflation in Canada Dips to Lowest Level in Three Years, Raising Odds of June Interest Rate Cut
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The Canadian Consumer Price Index (CPI), which measures inflation, decreased to an annual rate of 2.7% in April, down from 2.9% in March, according to Statistics Canada’s report released on Tuesday. This figure matched market expectations. The government agency attributed the slowdown in inflation to a deceleration in price increases for food, services, and durable goods.
On a monthly scale, the core CPI, which excludes the more volatile food and energy prices, stayed the same, while the overall CPI rose by 0.5%. Additionally, the Bank of Canada’s core Consumer Price Index saw a yearly increase of 1.6%, dropping from a 2% increase in March and hitting a three-year low.
The Canadian dollar depreciated, crossing the 1.36 mark against the US dollar, distancing itself from the five-week peak reached earlier in the month. The move follows recent inflation figures that have heightened speculation about the Bank of Canada potentially reducing interest rates as early as next month.
(CPI YoY%，Statistics Canada)
(USDCAD Monthly Chart)
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