Inflation holds steady at 1.7% in May Jun 26th

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Inflation holds steady at 1.7% in May

– moneysense.ca

May inflation figures showed marginal improvements in some of the Bank of Canada’s closely watched price figures—a step in the right direction, some economists say, but likely not enough to convince the central bank to cut interest rates.

The annual pace of inflation held steady at 1.7% in May as cooling shelter costs helped tame price pressures, Statistics Canada said Tuesday, June 24.

Shelter costs rose 3% in May, StatCan said, marking a slowdown from 3.4% in April.

The agency singled out Ontario as the major source of rent relief in the country. Slowing population growth and a jump in new supply helped dampen rent hikes in May.

Mortgage interest costs, meanwhile, decelerated for the 21st consecutive month amid lower interest rates from the Bank of Canada.

Economists had broadly expected inflation would remain unchanged heading into Tuesday.

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