After keeping interest rates at a more than two-decade high of 5% for almost a year, the Bank of Canada said the indicators of underlying inflation looked increasingly positive.
The Bank of Canada joins Sweden's Riksbank and the Swiss National Bank in bringing down rates that have burdened households and businesses alike, and muted economic growth amid easing price pressures.Inflation in Canada has slowed this year to hit a three-year low of 2.7% in April. While inflation has stayed below 3% for four months in a row, it is still higher than the bank's 2% target.
The next rate announcement is due on July 24, when the bank will also release it latest quarterly forecasts.
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