Fresh inflation data showing a decline in price pressures has increased the likelihood that the Bank of Canada will implement another interest rate cut next week. Statistics Canada reported an annual inflation rate of 2.7% in June, down from 2.9% in May, with lower gasoline and travel costs contributing to the decrease. This trend, coupled with signs of easing in core inflation, has led many economists to predict further rate cuts as the Bank of Canada aims to continue cooling inflation.

𝐅𝐎𝐑 𝐌𝐎𝐑𝐄 𝐈𝐍𝐅𝐎𝐑𝐌𝐀𝐓𝐈𝐎𝐍: https://globalnews.ca/news/10626214/inflation-rate-june-2024-bank-of-canada/