Canada's Inflation Rate Falls to 3-Year Low of 2.7%
Image From CTVNews.ca, Source: Bank of Canada and Statistics Canada
In April, Canada's annual inflation rate dropped to 2.7%, marking its lowest point in three years. Core inflation measures also continued to decline, suggesting that the Bank of Canada might consider cutting interest rates in June. Analysts from Reuters had projected this decrease from 2.9% in March to 2.7%. Additionally, the consumer price index saw a 0.5% month-over-month increase in April, which was slightly lower than the forecasted 0.6%. However, no announcement has been made yet whether it will be another hold or if the interest rates or if we will finally receive an interest rate cut.
Canadaβs Inflation Trends
Canadaβs current annual inflation rate is 2.7%, the lowest since March 2021.
Core inflation indicators (CPI-median and CPI-trim) have declined.
The Bank of Canada projected 3% inflation for early 2024 but now expects 2.2% by year-end.
Inflation has consistently been above 2% since March 2021, reaching 8.1% in June 2022.
Inflation slowed to 2.7% in early 2024, with services becoming more expensive than goods.
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