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Canada’s Annual Inflation Rate Rises to 2.9% in May
OTTAWA – Canada’s annual inflation rate unexpectedly accelerated to 2.9% in May, largely driven by higher prices for services, according to a report by Statistics Canada. This surge comes after the Consumer Price Index (CPI) had slowed to 2.7% in April.
Economists are closely monitoring inflation data, as it will play a key role in the Bank of Canada’s next interest rate decision scheduled for July. Governor Tiff Macklem has signaled that the central bank plans to take rate decisions one at a time.
The recent uptick in inflation may have implications for monetary policy, and analysts will be watching closely to see how the central bank responds. Stay tuned for further updates!
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