Canada inflation quickens to 2.9%, dashing hopes of a July cut
Inflation unexpectedly surged in Canada, a setback for policymakers as they weigh further interest rate cuts next month. The consumer price index (CPI) rose 2.9% in May from a year ago, up from 2.7% a month earlier, primarily due to higher prices for services, Statistics Canada reported on Tuesday in Ottawa. That was faster than the median estimate of 2.6% in a Bloomberg survey of economists.
Inflation unexpectedly surged in Canada, a setback for policymakers as they weigh further interest rate cuts next month.
The consumer price index (CPI) rose 2.9% in May from a year ago, up from 2.7% a month earlier, primarily due to higher prices for services, Statistics Canada reported on Tuesday in Ottawa. That was faster than the median estimate of 2.6% in a Bloomberg survey of economists.
