Canada's annual inflation rate in February unexpectedly cooled to 2.8%, the slowest pace since June, and core inflation measures eased to more-than two-year ...
OTTAWA - Canada's annual inflation rate in February unexpectedly cooled to 2.8%, the slowest pace since June, and core inflation measures eased to more-than two-year lows, data showed on Tuesday, likely boosting expectations of a mid-year rate cut.
Prices of cellular services, food purchased from stores, and internet access services were the main contributors to the deceleration in inflation in February, Statistics Canada said. Grocery prices increased 2.4%, slower than the headline inflation rate for the first month since October 2021. The central bank has said it is looking for sustained evidence of downward momentum in underlying inflation to consider lowering interest rates.
The bank increased rates by 475 basis points to a 22-year high between March 2022 and July 2023 and has kept them on hold since then for five consecutive meetings in its efforts to cool inflation. At its last rate announcement in March, the bank said underlying inflation meant it was too early to consider a cut.
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