Canada's annual inflation rate came in at 3.4% in May, its slowest pace in two years, data showed on Tuesday, weakening the case for another interest rate hike as soon as next month.
Analysts polled by Reuters had expected annual inflation to drop to 3.4% from 4.4% in April. Month over month, the consumer price index was up 0.4%, Statistics Canada said, a tick lower than forecasts for an increase of 0.5%.
Money markets see a 59% probability of a hike of 25 basis points on July 12, down from 64% before the release of the inflation figures. They see a 100% chance for a quarter-point move in September. The three-month annualized rates of the Bank of Canada's core measures "showed little progress toward bringing inflation to heel," said Royce Mendes, head of macro strategy at Desjardins Group.
Grocery prices also continued to surge, rising 9% year over year in May, nearly unchanged from the increases recorded in April.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vote by Tuesday for LA City Council's 6th District special electionThe winner will go on to replace former Council President Nury Martinez, who resigned after backlash over leaked audio tapes.
Read more »
Tuesday primary elections feature races for Queens, Bronx District Attorneys, NYC CouncilNew York City residents have a final chance to go to the polls Tuesday to choose their party candidates in primary elections for district attorneys in Queens and The Bronx, the City Council and jud…
Read more »
Taco John's defends Taco Tuesday trademark against Taco BellWhile fighting Taco Bell on the trademark, Taco John's admits there are more infringers of the 'Taco Tuesday' trademark than it can enforce.
Read more »
Utahns invited to watch 100-year anniversary flyover on TuesdayThe US Air Force and Utah Air National Guard invite Utahns to watch air refuelers fly over northern and central Utah today, honoring 100 years of air refueling. Here's the full schedule of when and where Utahns can watch.
Read more »
Final vote on homeless encampment ban in San Diego set for TuesdayWATCH: The San Diego Housing Emergency Alliance says they will continue protesting even if the ordinance is adopted on Tuesday.
Read more »
NYC June Primary election is Tuesday: Here's what voters need to knowVoter turnout in New York City’s primary elections is often tragically low but it doesn’t mean these races are unimportant. In fact, local elections like the one on Tuesday have the most impact on voters’ everyday lives. On June 27, New Yorkers who are registered to vote will get to choose their preferences for City Council members and district attorneys….
Read more »