Canada's inflation rate slows to 2.7% in April

Canada's inflation rate slows to 2.7% in April

Minneapolis, Minnesota-

Canada's inflation rate slowed to 2.7% in April, two-tenths lower than in March, thanks to lower prices for food, services and durable goods, Statistics Canada (EC) reported Tuesday.

A deceleration in the inflation rate, in line with the Bank of Canada's objectives, will make it easier for the monetary institution to make a possible decision to cut interest rates on June 5.

European Commission data indicate that core inflation, which excludes gasoline prices, reached 2.5% in April, three tenths lower than it was the previous month.

In April, the Bank of Canada left interest rates at 5% for the sixth time in a row and again indicated it would hold the index until it was sure core inflation was under control.

In early 2022, the Bank of Canada began an aggressive policy of raising interest rates to control inflation, which reached 8.1% in July of that year.

The Canadian Tax Authority has made 10 consecutive rate increases which have remained at 5% since mid-2023.

See also  US currency drops and regional currencies benefit

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top