June Inflation Drops to 2.7% on Slower Gas Price Growth

Canada's inflation rate dropped to 2.7% in June, down from May's 2.9%, primarily due to slower growth in gasoline prices, according to Statistics Canada. Economists suggest this decline increases the likelihood of the Bank of Canada cutting interest rates for a second consecutive time at its upcoming meeting. Core inflation also eased slightly, while grocery prices continued to rise moderately. Analysts remain cautious amid ongoing economic uncertainties.