Canada’s Inflation Rate Falls to 2.7% in April as Price Growth Slows Across Economy

Canada’s annual inflation rate fell to 2.7 percent in April amid a broad-based deceleration in price growth, Statistics Canada reported on May 21. The agency says the slowdown from 2.9 percent in March was led by food prices, services and durable goods. The May 21 consumer price index report bears good news for the Bank of Canada, which has been looking for a sustained decline in inflation toward its two percent target. The latest inflation figures are expected to play a key role in the central bank’s interest rate decision scheduled for June 5 as it weighs recent economic data. Grocery prices grew at a modest pace, rising 1.4 percent from a year ago, the data showed....