Canada's inflation rate ticks up to 2.9% as gas prices rise [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
Canada's inflation rate ticked up in March but stayed within the Bank of Canada ‘s target, firming up the case for a June interest rate cut. The consumer price index rose 2.9 per cent year over year in March, up from 2.8 per cent in February, according to Statistics Canada data released on Tuesday. Article content Analysts had expected inflation to rise between 2.9 and 3 per cent. Article content “We're almost there, with just one more step to go,” Canadian Chamber of Commerce senior economist Andrew DiCapua said in response to the data release. The Bank of Canada's preferred core measures, CPI trim and median, both eased and averaged below the top end of the 1 per cent to 3 per cent inflation target for the first time since the summer of 2021, said Royal Bank of Canada economist Claire Fan. “March's reading today confirmed that broad-based easing in price pressures in Canada are indeed underway,” Fan said, adding that she continues to look for slowing inflation to allo
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