OTTAWA –Canada's annual inflation rate came in at 3.4 percent 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 percent from 4.4 percent in April. Month over month, the consumer price index was up 0.4 percent, Statistics Canada said, a tick lower than forecasts for an increase of 0.5 percent. The annual rate, which benefited from comparison to last May‘s strong price increases, is the slowest since June 2021 and broadly in line with the Bank of Canada's expectation that inflation will cool to around 3 percent by mid-year.

https://business.inquirer.net/407487/canadas-may-inflation-rate-slows-weakening-case-for-a-july-rate-hike

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