Canada's inflation rate tumbled in May as price shocks caused by the Russian invasion of Ukraine have been mostly absorbed, but economists are still expecting the Bank of Canada to move ahead with another rate hike next month.
OTTAWA - Canada'srate tumbled in May as price shocks caused by the Russian invasion of Ukraine have been mostly absorbed, but economists are still expecting the Bank of Canada to move ahead with another rate hike next month.rate fell to 3.4 per cent in May, largely due to lower gasoline prices compared to a year ago.has yet to come through in Canada. Grocery prices were up nine per cent on an annual basis, showing little improvement from April.
The central bank will have a few more data releases to consider before its next rate decision, including a jobs report and a reading on real gross domestic product. While the central bank is still focused on restoring price stability, Canada has made significant progress on theStephen Gordon, an economics professor at Laval University, says the large price increases caused by the Russian invasion of Ukraine have faded from the calculation of the year-over-yearis leveling off, but it's leveling off at levels that the bank would not be comfortable with.”
The federal agency notes that the mortgage interest cost index increased at the fastest pace on record, rising by nearly 30 per cent on a year-over-year basis.
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