Making sense of the markets this week: March 24, 2024 Mar 22nd

Lower inflation clears runway for rate cuts

Canadians dreading their spring and summer mortgage renewals got some good news this week, as Canada’s annualized inflation rate dropped to 2.8%.

The Statistics Canada report stated that the slower growth of cell phone service fees, groceries, and internet bills were key reasons why the consumer price index (CPI) number came in significantly lower than the 3.1% economists had reported.

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The main takeaways from Tuesday’s StatCan report are:

Rent and mortgage costs are still the main drivers of inflation…