Canada's inflation rate fell to 2% in August, reaching the Bank of Canada's target for the first time since February 2021. The decline was attributed to lower gasoline prices and clothing costs. Economists now speculate about a larger interest rate cut by the Bank of Canada next month.
Statistics Canada is set to release its August consumer price index report this morning. Governor of the Bank of Canada Tiff Macklem participates in a news conference on the bank's interest rate announcement, in Ottawa, on Wednesday, Sept. 4, 2024. THE CANADIAN PRESS/Justin Tang
Statistics Canada’s consumer price index report on Tuesday attributed the slowdown in part to lower gasoline prices. The marked slowdown in price growth last month was steeper than the 2.1 per cent annual increase forecasters were expecting ahead of Tuesday’s release and will likely spark speculation of a larger interest rate cut next month from the Bank of Canada.
“If we get another big downside surprise, calls for a 50 basis-point cut will only grow louder,” wrote Reitzes in a client note.
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