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24 June 2017, 12:06 | Nichole Osborne
Last week's comments from Bank of Canada officials, including governor Stephen Poloz, signalled the central bank might be ready to hike the benchmark rate as early as July.
In its report Friday, Statistics Canada said year-over-year gas prices rose 6.8 per cent in May after climbing 15.9 per cent the previous month.
The level reached in the reference rate is congruent with the process of efficient convergence of inflation toward the 3 percent objective, the central bank said in a statement.
However, a continuation of above-trend economic growth should lower slack and help turn inflation higher in the second half of this year, permitting the central bank to hike the overnight rate in October, added TD Economics.
In its monthly Consumer Price Index report released today, the federal agency said Manitoba had the fourth lowest annual inflation rate in country in May, at 1.0 per cent. May's increase was below market expectations for a 1.5% gain, according to economists at Royal Bank of Canada.
Gasoline prices fell 4.0% on the month and this was the main contributory to a 0.7% decline in transport costs for the month which held the annual rate at 2.2%.
The annual inflation rate cooled to 1.3 percent in May, below forecasts for 1.5 percent, pushing it further away from the Bank of Canada's 2 percent target as the cost of food fell and gasoline prices moderated, data from Statistics Canada showed.
Ontario had promised to cut electricity bills by an average of 17 per cent and the reductions were scheduled to start taking effect in May.
"We don't see this run as changing the broader narrative of a generally improving Canadian outlook which needs less monetary accommodation, although it does suggest that July is too soon for the Bank of Canada to raise interest rates", said CIBC economist Nick Exarhos. The drop in May was smaller than the previous month's 1.1% decline, and prices for fresh vegetables rose for the first time in almost a year.
Democrats win annual baseball game with special meaning
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Celtics trade No. 1 overall draft pick to 76ers
They're big on defense so I think the tools that I have to be a defensive player I think would help them get out in transition. The deal is highly consequential and leaves Philly with the rights to make the first selection for the second year in a row.
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Google gets in on the job-search game
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