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Canada’s inflation rate drops to 3% in April, fuelling June rate cut speculation
Posted on May 24, 2024 |
Canada’s annual inflation rate dropped to 2.7% in April, showing a widespread decrease in price growth and increasing the likelihood of an interest rate cut next month.
The reduction from March’s 2.9% inflation rate was primarily due to lower prices for food, services, and durable goods.
The consumer price index report brings favorable news for the Bank of Canada, which has been aiming for a steady decline in inflation towards its 2% goal.
Rising grocery prices have been a significant concern for Canadians, though in April, food prices grew at a slower rate of 1.4% compared to the previous year.
Higher gasoline prices, which rose by 6.1% year-over-year, tempered the overall decrease in inflation last month; excluding gasoline, prices increased by 2.5% from a year ago.
The Bank of Canada’s core inflation measures, which exclude volatile prices, also decreased in April and are now all below 3%.
The central bank is considering an interest rate cut but wants to ensure a sustained reduction in inflation.