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MNI: Canada April CPI Is Slowest In Three Years And Core Fades

(MNI) OTTAWA
Statistics Canada notes a broad-based decline ahead of June's BOC rate decision.

Canada's inflation rate was the slowest in three years in April and core measures moved back within the central bank's target band for the first time since the pandemic rebound, the kind of progress Governor Tiff Macklem has said may allow him to cut borrowing costs at the next meeting on June 5. 

Consumer price growth slowed to 2.7% in April from a year ago versus the March pace of 2.9%, in line with economist forecasts. The "trim" core index slowed to 2.9% from 3.2% and the "median" faded to 2.6% from 2.9%, and both measures were the lowest since June 2021. Statistics Canada said Tuesday from Ottawa that the "broad-based deceleration in the headline CPI was led by food prices, services and durable goods."

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Canada's inflation rate was the slowest in three years in April and core measures moved back within the central bank's target band for the first time since the pandemic rebound, the kind of progress Governor Tiff Macklem has said may allow him to cut borrowing costs at the next meeting on June 5. 

Consumer price growth slowed to 2.7% in April from a year ago versus the March pace of 2.9%, in line with economist forecasts. The "trim" core index slowed to 2.9% from 3.2% and the "median" faded to 2.6% from 2.9%, and both measures were the lowest since June 2021. Statistics Canada said Tuesday from Ottawa that the "broad-based deceleration in the headline CPI was led by food prices, services and durable goods."

Keep reading...Show less