July 20th, 2024

Statistics Canada to release May inflation report today

By The Canadian Press on June 25, 2024.

Economists are expecting inflation slowed slightly last month, which would be another good sign for the Bank of Canada as they publish their consumer price index report for the month of May this morning. Tulips bloom as people make their way along Wellington Street and past the Bank of Canada in Ottawa on Monday, May 6, 2024. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – Statistics Canada is set to publish its May consumer price index report this morning.

Economists are expecting inflation slowed slightly last month, which would be another good sign for the Bank of Canada.

The central bank, which has been encouraged by the slowdown in inflation, cut its key interest rate by a quarter of a percentage point earlier this month.

Canada’s annual inflation rate was 2.7 per cent in April.

Economists say May and June inflation data will play a key role in the central bank’s next interest rate decision scheduled for July.

Governor Tiff Macklem has signalled the central bank plans to take rate decisions one at a time.

This report by The Canadian Press was first published June 25, 2024.

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