Economists say BoC could cut interest rates again in July if inflation keeps cooling

The Bank of Canada is seen through a bed of tulips in Ottawa on Monday, May 6, 2024. THE CANADIAN PRESS/Sean Kilpatrick

The Bank of Canada's decision to cut rates marked a major turning point in the central bank's fight against inflation, which reached a peak of 8.1 per cent in mid-2022.It was also the first G7 central bank to lower interest rates, though it was quickly followed by the European Central Bank, which cut its policy rate by a quarter-percentage point this month as well.

The Bank of Canada last week published a summary of its deliberations for its June 5 rate decision, which revealed discussion about waiting longer to lower interest rates before ultimately deciding to move on cuts. For consumers, the slowdown in inflation means smaller price increases while shopping, including at the grocery store.

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