Statistics Canada set to release May inflation data. What to expect – National

Statistics Canada is set to publish its May consumer price index report Tuesday morning.

Economists are expecting inflation slowed slightly last month, which would be another good sign for the Bank of Canada.

The central bank, which has been encouraged by the slowdown in inflation, cut its key interest rate by a quarter of a percentage point earlier this month.

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Business Matters: Inflation data has big implications for Bank of Canada. Here’s what to expect

Canada’s annual inflation rate was 2.7 per cent in April.

Economists say May and June inflation data will play a key role in the central bank’s next interest rate decision scheduled for July.

Governor Tiff Macklem has signalled the central bank plans to take rate decisions one at a time.