Inflation Data: Big Implications for Bank of Canada

The Bank of Canada will scrutinize May inflation figures this week to gauge the possibility of consecutive interest rate cuts. Statistics Canada will release the annual inflation rate for May on Tuesday. April's rate was 2.7%, and easing price pressures allowed a recent rate cut. Economists predict further cooling, potentially influencing another rate cut on July 24. Governor Tiff Macklem cautions that future cuts will depend on evolving economic data.