Price growth accelerated for some types of food, like fresh vegetables, dairy and non-alcoholic drinks.
These inflation numbers are the last to be released before the Bank of Canada decides whether to change its key interest rate on July 24.
“The inflation data for June gave the Bank of Canada what it needed in order to cut interest rates at next week’s meeting,” said CIBC economist Katherine Judge in an emailed statement.
In June, the central bank made its first rate cut since March 2020, lowering it to 4.75 per cent.
It will take some time to see lower mortgage interest costs after rate cuts, Judge said in an interview.
Interest rate cuts could also help relieve pressure on rent price growth, Judge said.
The original article contains 321 words, the summary contains 123 words. Saved 62%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Price growth accelerated for some types of food, like fresh vegetables, dairy and non-alcoholic drinks.
These inflation numbers are the last to be released before the Bank of Canada decides whether to change its key interest rate on July 24.
“The inflation data for June gave the Bank of Canada what it needed in order to cut interest rates at next week’s meeting,” said CIBC economist Katherine Judge in an emailed statement.
In June, the central bank made its first rate cut since March 2020, lowering it to 4.75 per cent.
It will take some time to see lower mortgage interest costs after rate cuts, Judge said in an interview.
Interest rate cuts could also help relieve pressure on rent price growth, Judge said.
The original article contains 321 words, the summary contains 123 words. Saved 62%. I’m a bot and I’m open source!